HSBC Joins Funding Round for Promising AI Company MioTech

By Jemima McEvoy Thursday, January 21, 2021

MioTech has attracted the attention of HSBC. The British banking and financial services organization has invested in the startup’s Series B financing round, according to a news release. Here’s why HSBC — and a number of other big-name investors — are flocking to this global startup.

What Is MioTech?

According to its website, the company was founded by Jason Tu and Tao Liu in 2016. With combined experience in banking, engineering, and tech startups, the two came up with the idea for MioTech “through coffee chats at Coupa Cafe in downtown Palo Alto where they brainstormed startup ideas to bridge finance and technology.”

The entrepreneurs and founders settled upon the conclusion that their startup should rest upon the core pillars of artificial intelligence (AI), financial data and sustainability, using them to build MioTech: a company that uses AI to solve sustainability, climate change, and social responsibility challenges faced by financial institutions, corporations, and governments.

The startup, which is headquartered in the Asia-Pacific region, has offices in Hong Kong, Shanghai, Beijing, and Singapore. Moreover, the business services more than a million public and private companies in the Greater China region.

Money and Investors

Clearly, the company’s mission of using technology to solve pertinent corporate issues (all of which have become increasingly pressing in recent years as the general public has become more concerned with social responsibility) is a business notion appealing to investors.

HSBC, which has invested an undisclosed amount in MioTech during the business’s Series B financing round, lauded the startup’s already “impressive [environmental, social and corporate governance] capabilities across Greater China,” and the benefit of the company’s services to HSBC’S client base.

However, HSBC isn’t the only star-studded investor to swoop in. The startup drew the intention of Moody’s Investors Service, Horizons Ventures, ZhenFund, and TOM Group during a Series A fundraising round and a corporate round, which Crunchbase reports amounted to $7 million.

The value of the Series B round has not yet been made public.

Future Business Plans for the Company

With the money, Tu, who also serves as the company’s CEO, said in a statement that MioTech plans to invest more in the development of its sustainability data and technology. The business also hopes to expand its product offerings and geographic coverage, said Tu.

HSBC’s Global Head of Venture, Digital Innovation and Partnerships Catherine Zhou said that she hopes this injection will give MioTech the ability to “expand into further geographies in the future and capitalize on the wealth of opportunities within this growing market.”

Final Takeaways

MioTech’s mission and services are ingenious and tailored to the moment. When starting the company, the founders did a great job of identifying trends — a push toward sustainability and corporate responsibility — as well as finding viable solutions. Furthermore, MioTech has managed to demonstrate success in implementing its business products in Greater China. Given all this, it’s no surprise that MioTech has managed to rile up investor enthusiasm.

About the Author

Headshot for author Jemima McEvoy

Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.

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