Chinese billionaire continues his commitment to investing in disruptive technology
SAN FRANCISCO, Aug. 28, 2018 /PRNewswire/ — Deep technology investment platform Propel(x) announced that Tianqiao Chen, founder of global investment firm Shanda Group, has committed to invest $10 million in deep technology startups on the Propel(x) platform. Known for his interest in transformative technologies that promise to change people’s lives and drive social change, Chen is expected to invest in multiple companies that aspire to create breakthroughs in science and technology.
“Shanda’s mission is to invest in innovation that can change the world,” said Chen. “We are increasing our venture capital activity and leveraging Propel(x)’s expert community and extensive due diligence on each startup will help us quickly identify investment opportunities.”
“We’re honored that Shanda chose Propel(x) to help expand its investments in deep tech,” said Lisheng Wang, co-founder of Propel(x). “We share a similar mission: ‘Change the world by helping the next generation of great companies.‘ By funding breakthrough technology and science startups, we believe investors have the power to change the world. Large and small investments alike enable companies to find cures for debilitating diseases, create abundant energy for all, and even take us into space.”
Shanda Group – Investing that makes a difference
Shanda Interactive Entertainment was founded by Tianqiao Chen and his family in 1999 and the company quickly became the largest online game company in China. After privatizing the company and selling their stake in its publicly listed subsidiaries, the Chens transformed Shanda into a private investment firm which focuses on public markets, venture capital, real estate and fund investments.
About Shanda Group
Shanda Group was founded in 1999 by Chairman and CEO Tianqiao Chen and his family. The company started in the online entertainment space and has since transformed into one of the largest, privately-owned investment groups in the world, with interests across a variety of asset classes including public markets (primarily financial services, technology and healthcare sectors), venture capital and real estate.
Propel(x) is an online investment platform capitalizing Deep Technology. Propel(x) connects investors to industry experts and Deep Tech startups. Startups featured on the platform are pioneering innovations such as new forms of clean energy, life-saving treatments, new methods of space exploration, and artificial intelligence, amongst others. As a platform for Deep Tech innovation, Propel(x) seeks to change the world by helping the next generation of great companies.
PR Newswire, Aug 28, 2018.