Distinguished CityU alumni start-up unicorns showcased locally and internationally
In the venture capital industry, an enterprise is regarded as a "unicorn" if it has been established for less than 10 years, has a valuation exceeding US$1 billion, and has not yet been listed. This inevitably is the goal of many start-ups, but it’s not easy to stand out and reach unicorn status on the international stage. City University of Hong Kong (CityU) has always advocated the "integration of teaching and research". It encourages students and scientific research talent to explore and apply new knowledge. Over the years, it has cultivated a number of innovation and technology elite. They are all well-known in their respective fields, demonstrating unrivalled capability domestically and internationally.
Orbbec: 3D vision technology promotes industry innovation
Orbbec Co. Ltd. (Orbbec) is an industry leader in 3D vision technology. It was included in the "2017 China Unicorn Enterprise Development Report", compiled by the Ministry of Science and Technology. Dr Howard Huang Yuanhao, a doctoral graduate from the Department of Manufacturing Engineering and Engineering Management, is the founder of Orbbec. He praised the global perspective of CityU professors and their efforts in teaching and research to guide students to apply what they learn. This laid the groundwork for him to have the determination to turn academic algorithm formulas into various applications, providing convenience to industry and the everyday life of citizens through his innovations.
Orbbec has developed rapidly in recent years. With its full-stack research and development capacity and technology routes in many fields, it has become an industry leader, with millions of shipments of mobile phone 3D imaging lenses, and in offline retail and other markets. It also has a number of commercial applications in areas such as biological recognition, consumer electronics, the Artificial Intelligence of Things, and industrial 3D measurement, serving more than 1,000 corporate customers and developers around the world. In 2018, Orbbec teamed up with Ant Group to jointly push forward the development of 3D face recognition. In the following year, Orbbec’s 3D camera Seagull (Haiyan, 海燕) passed the tests and was certified by the National FinTech Evaluation Center for meeting the financial terminal payment security standards. Subsequently, Orbbec jointly established a 3D vision laboratory with China UnionPay to accelerate the application of "Face Swipe Payments".
Orbbec has also applied its technology to home security, VR real estate tours, and so forth, providing citizens with a more convenient consumption experience in everyday life. It has introduced innovations in a number of industries relating to work, entertainment and healthcare, and has engaged in the promotion of innovation in scientific research, manufacturing, and online assessment of intelligent automobile, aerospace and civil engineering enterprises.
Vitargent: Utilising scientific research technology to develop a bigger market
Another outstanding start-up founded by CityU alumni is Vitargent (International) Biotechnology Ltd. (Vitargent), which was established by alumni Mr Eric Chen Zixiang and Dr Chen Xueping. During her PhD studies at CityU, Dr Chen and her then supervisor, Professor Cheng Shuk-han, in the Department of Biomedical Sciences, jointly developed the world's first toxicological detection technology that used transgenic medaka fish and zebrafish embryos to screen estrogens and more than a thousand toxicants within 24 to 48 hours across products like food, drugs and cosmetics. This technology allows product safety to be assessed without the need for animal testing. She collaborated with Eric, a graduate of CityU Business School, and won numerous awards in local and overseas innovation and technology competitions with this technology, which was further developed and promoted through their establishment of Vitargent.
Vitargent has been actively developing new technologies to test products’ efficacy in whitening, anti-oxidant, anti-inflammatory and other effects in recent years. It has also established industry standards with various associations in the mainland. It closely follows the mainland government's specifications on cosmetic efficacy claims and provides efficacy testing services for its customers. By the end of last year, Vitargent had built the world's first big data smart platform with the Research Institute of Tsinghua, Pearl River Delta, for raw materials and consumer goods, thereby establishing a raw material biosafety and efficacy database. This helps beauty and health care product companies screen raw materials more efficiently to produce safer and more effective consumer goods.
Prenetics: Excellent team for a made-in-HK unicorn
Prenetics Limited, a genetic and diagnostic testing company established in 2014, is one of the major providers of COVID-19 testing services in Hong Kong. CityU alumnus Dr Lawrence Tzang is the Co-founder and Chief Scientific Officer of the company. So far, Prenetics’ business covers genetic testing, disease prevention and personalised care, and it has more than 800 employees in seven cities around the world. Recently, it became the first “made-in-Hong Kong” unicorn to list on the Nasdaq in the United States.
Lawrence embarked on the start-up path under the guidance, encouragement and support of his PhD supervisor, Professor Michael Yang Mengsu, currently Vice-President (Research and Technology) and Yeung Kin-Man Chair Professor of Biomedical Sciences of CityU. When Lawrence was an undergraduate, he took a course by Professor Yang, who guided students to explore a number of varieties in class. This gradually developed his interest in biotechnology. Two years after graduation, he resolutely returned to CityU to pursue a doctorate supervised by Professor Yang and was determined to apply his research results after graduation.
Lawrence said that in the past eight years, the team had exerted its strengths in research and development of technology, fundraising, product sales and others to bring innovative products to the market and ensure steady growth for Prenetics. He recalled that the process was by no means smooth sailing, but with his training in research, he learnt to face everything with perseverance and peace of mind. He said working with his team around the clock in response to the overwhelming sampling and testing work required during the pandemic was the most memorable time for him.
He recalled that when he started his business, he didn’t even understand how to open a corporate bank account or handle company secretarial services. Therefore, he is very supportive of the HK Tech 300 programme, which was recently launched by CityU. The programme equips students and young people who are interested in starting a business with a greater understanding of entrepreneurship and helps them develop their own business.
Prenetics is constantly seeking breakthroughs in technology development and product transformation. He said that its long-term goal is to create a convenient, easy-to-use gene- and virus-detection platform to provide its clients with health analysis and personalised care solutions.