Companies joining Microsoft Corp's first Shanghai-based accelerator have raised more than 420 million yuan ( million) in new financing over the past several months, Microsoft said yesterday.
Microsoft opened its first accelerator in Shanghai this year, adding to one in Beijing. China is the only country where Microsoft has two accelerators — aimed at encouraging and supporting entrepreneurs.
Cooperating with local government, 14 startups have joined Microsoft's accelerator, with a total valuation to 6.6 billion yuan, triple the level several months ago. Ten of the companies recently raised about 420 million yuan.
Microsoft offers resources and expertise that startups need, including Microsoft's cloud service, Azure. The 14 startups include data analysis on the cloud, data analysis in the finance sector and artificial intelligence.