The Entrepreneurship and Innovation-Friendly Technology Financial Service Alliance expanded from 10 start-ups to more than 20 at the corporation symposium on technology and the financial ecosystem held April 27.

The expansion will further promote the upgrading of financial service capabilities for technological achievements transformation projects.

The alliance was initiated by 10 financial institutions from the banking, funding, insurance, securities and investment community last year at the opening ceremony of the 2020 Entrepreneurship and Innovation Week to create a friendly technology financial service system combining innovation and industrial and capital chains. 

Alliance members focus on the financing needs of innovative enterprises at the stage of industrialization.

They also empower the Beijing Economic and Technological Development Area (BDA) to become a first-class innovation and entrepreneurship ecosystem by encouraging the establishment of industrial funds, venture capital, investment-loan linkages, financial leasing, technology insurance, technology guarantees, intellectual property pledges and other diversified services. 

The newly joined institutions include CICC Capital, Zhongguancun Kaiyuan Capital, Beijing Jingxi Cultural & Tourism Technology Investment Fund Management Co., Ltd., Yitang United Fund and other financial institutions, all operating in "three science cities and one hi-tech area" — Zhongguancun Science City, Huairou Science City, the Beijing Future Science Park and the BDA.

In addition, the BDA Innovation Fund also provides financing arrangements for enterprises. 

As a warehousing and logistics technology enterprise integrating R&D, production and sales of software and hardware systems, Techbloom applied for technological innovation funds from the BDA in order to increase its R&D efforts. 

After visiting the company, the BDA Science and Technology Innovation Bureau helped it and the Bank of Communications to complete the connection of investment and financing needs as soon as possible.

Up to now, the technology innovation fund has decided to invest in 71 companies, completed a capital investment of 528 million yuan ($81.52 million), and helped six companies including Cisco, Golden Spring, and Health Guard to go public.