Environment-friendly electric propulsion enterprise receives US$10m funding from the Beyond Ventures venture capital fund and Brizan Investments

"ePropulsion is revolutionising the industry and democratising access to the oceans"

HONG KONG, June 8, 2018 /PRNewswire/ -- Hong Kong-focused venture capital fund Beyond Ventures has joined forces with Brizan Investments to spearhead a US$10 million investment in the ePropulsion Innovation (ePropulsion), which was conceived at Hong Kong University of Science and Technology (HKUST) by four budding entrepreneurs.

ePropulsion manufactures a full range of environment-friendly electric propulsion kits for water sports enthusiasts and already sells products in more than 30 markets in Europe, the US, Australia and Asia.

The company's star offering is the Navatics MITO -- a 4K subsea drone that shoots ultra-stable underwater photos and video – which will benefit from the funding in terms of enhanced manufacturing, sales, marketing and distribution.

ePropulsion CEO Danny Tao said: "We are thrilled to be partnering with like-minded investors such as Beyond Ventures and Brizan Investments co-founded by Professor Ping K Ko, who is former Dean of the School of Engineering at The Hong Kong University of Science and Technology and well known for investing in consumer electronics."

He added: "Visuals and data captured by our newly-launched underwater drone will transform the world's understanding of our oceans, while delivering insights into issues such as fish populations, acidification and climate change -- matters that will affect every single person on the planet."

Adopting the slogan "From Hong Kong For Hong Kong", Beyond Ventures is the only venture capital fund focused solely on Hong Kong, and seeks to revitalise the local innovation ecosystem by bringing venture and private equity funds together with entrepreneurs to nurture start-ups.

Beyond Ventures Co-Founder and Managing Partner Lap Man likened ePropulsion to Dà-Jiāng Innovations (DJI), the world's leading producer of camera drones and photography systems, because it was founded by a HKUST graduate. Lap Man said: "Beyond Ventures is determined to make sure ePropulsion is not forced to take the same route as DJI."

He added: "ePropulsion is revolutionising the industry, while democratising access to the oceans – which remain largely unexplored -- and we are delighted to be a part of this transformational journey. We believe the capital and expertise provided by Beyond Ventures and Brizan Investments will help ePropulsion expand and become a truly global brand."

ePropulsion comprises a group of innovators who believe eMobility will create a brighter future and that electric propulsion is an inevitable trend on and in water.

Lap Man, who is also Founder and CEO of DYXnet Group -- Greater China's leading carrier-neutral network service provider -- said: "Beyond Ventures is not just about seeking return on investment – we also want to bring about a positive impact on society."

About Beyond Ventures

Beyond Ventures is a Hong Kong-based venture capital fund established by eGarden Ventures in partnership with locally-grown serial entrepreneurs. eGarden Ventures is a venture capital fund focused on technology, media and telecoms (TMT) and holds an 18-year investment track record in mainland China. The fund is also supported by leading investment company Hony Capital, which manages more than US$10 billion in assets.

Adopting the slogan "From Hong Kong For Hong Kong", Beyond Ventures seeks to revitalise Hong Kong's innovation ecosystem by bringing experienced venture and private equity funds together with successful entrepreneurs able to provide start-ups with mentoring support. 

Running the fund is a trio comprising Alex Fang, a seasoned venture capitalist in Hong Kong and China and co-founder of eGarden Ventures; Lap Man, Founder and CEO of DYXnet Group,  Greater China's leading carrier neutral network service provider; and Marvin Hung, Vice Chairman of Hung's Group and Executive Director and CEO of Hop Hing Group Holdings Limited (stock code: 47). 

Beyond Ventures is the only venture capital fund focusing solely on Hong Kong. It aims to help start-ups grow and extend their business networks throughout and beyond Hong Kong by drawing on vast experience accumulated by the founders, as well as the extensive resources held in mainland China and elsewhere by Hony Capital and eGarden Ventures. For more information about Beyond Ventures, please visit the official website at www.beyondventures.hk.

About ePropulsion

ePropulsion Innovation (HK) Limited is a creative and reliable provider of intelligent and sustainable marine products such as electric outboard motors, water sports equipment and underwater drones. The company was founded in Hong Kong in 2012 and has office and factory premises in Hong Kong, Shenzhen and Dongguan. For the last six years, ePropulsion has innovated and accumulated core technology from R&D activities, while cultivating a strong team of engineers. The company has launched several eco-friendly, high-quality, recreational marine products, and will continue to be a leader in terms of interacting with water and creating innovative products. For more information on ePropulsion, please visit www.epropulsion.com.

Press contacts

FleishmanHillard
Carmen Yu/Kelly Yeung
Carmen.yu@fleishman.com / kelly.yeung@fleishman.com
+852 2586 7874/+852 2586 7863

VIDEOS TO WATCH

SERVICES