New institute to focus on sensor research

The Shanghai Magic Wheel Intelligent Sensor Research Institute was officially launched in the Shanghai Intelligent Sensor Industrial Park on August 18.

"We plan to carry out research and development and investments in sensor fields, overcome core technical problems, and jointly develop more projects to bolster areas of weaknesses with our partners in the Yangtze River Delta region," said Zhang Yufeng, chairman of the Shanghai Magic Wheel Technology Co.

According to Zhang, the institute will establish a number of market-oriented, customer value-driven innovation research and development systems to improve the conversion rate of technological achievements.

The institute plans to spend up to 100 million yuan (US$14 million) over the next five years to help grow two or three unicorn companies that will help the intelligent sensor industry grow.

The Shanghai Intelligent Sensor Industrial Park is home to nearly 100 companies involved in intelligent sensors, IoT (Internet of Things) chips, and related fields.