King Abdullah University of Science and Technology (KAUST) and Chinese investment company Sinovation Ventures have signed a memorandum of understanding that establishes a working relationship that serves their common strategic interests by launching technology projects, establishing partnerships for technology development, and providing related advisory services. .
KAUST President Prof. Tony Chan and VP of Innovation Dr. Kevin Cullen met with Sinovation CEO Dr. Kai-Fu Lee at a campus signing ceremony and discussed business opportunities in AI technology and operations, including Arabic language and construction project investment opportunities in this area.
Synovation will meet with a number of KAUST start-ups in areas of interest to the company, as well as a group of scientists working in technical fields with promising commercial potential.
On this occasion, Chan said, “Synovation Ventures is one of the most successful venture capital firms in the world and has a particular track record of supporting start-up AI companies in China. As we seek to expand our business activities, achieve the mission of the university and make a significant contribution to the work of the Saudi Arabia Vision 2030. This partnership with Synovation will put us in a privileged position to achieve our goals.”
For his part, Dr. Lee, CEO of Sinovation, said: “Until today, we have never signed an MoU with any university and we are honored to be the first to do so with KAUST and we are really looking forward to building a long relationship and a thriving partnership with the university.”
He added, “Through this MoU, we want to demonstrate our commitment to seeking out other technologies at KAUST and leveraging our expertise in construction projects and product development that will have the desired impact on both the Chinese and Saudi markets. .”