Chinese startup MioTech raises additional financing to develop sustainability innovations that support net-zero global economy
MioTech announced it has secured investments from J.P. Morgan Asset Management and HSBC Asset Management's Financial Technology Venture Capital Fund, to further its commitment to develop sustainability innovations that support a net-zero global economy.
This is an extension to its latest series B+ funding round led by Guotai Junan International and GIC. The company's earlier investors include ZhenFund, Horizons Ventures, TOM Group, Moody's, and HSBC.
Jason Tu, Co-founder and CEO, MioTech: "MioTech is a global company. J.P. Morgan Asset Management and HSBC Asset Management are world-renowned investors. Together with our existing investors, they will help us grow our business lines and footprints across the globe. We look forward to connecting China, Asia, and the whole world with our sustainable technologies."
The new investments mark the fourth funding round MioTech has completed in the past twelve months, further solidifying MioTech as the leading AI-based sustainability data and technology provider in Asia and across the globe. The new capital will go toward accelerating talent acquisition, expansion into new international markets, as well as developing existing and new product lines. With increasing regulatory pressure and evolving investor, corporate and consumer demand, MioTech expects to capture fast-growing market needs for green tech and sustainability solutions with its proprietary technologies.
Jennifer Wu, Global Head of Sustainable Investing, J.P. Morgan Asset Management: "We are thrilled to become a strategic investor in MioTech and partner with the company to advance our sustainable investing efforts in China, with greater access to a wide and evolving range of alternative ESG data sets. MioTech's ability to utilize AI to gather and assess unstructured ESG data sets will provide valuable inputs to our fundamental research. This will enhance our consideration of material ESG risks and opportunities in our active investment processes and help us to support our global and China clients in making sustainable investment decisions. With valuable expertise into the ESG data and factors that are unique to China, MioTech's capabilities will also help to advance the development of our proprietary quantitative ESG scoring system."
Remi Bourrette, Head of Venture and Growth Investments, HSBC Asset Management: "The financial industry is at a turning point where it has started to embrace sustainability and now must fully embed it in its operations, product design and risk management. We believe MioTech's technology and solutions give it a distinct advantage in the space and that the company will become a major player in this transition. We are delighted to provide investors of our newly launched VC fund with exposure to such a promising company in a key growth area."