Chongqing - The Equipment Lightweight Technology Research Institute, part of the Beijing Institute of Technology Chongqing Innovation Center, has intensified its efforts in cross-industry technological collaboration, resulting in revenue surpassing 10 million yuan (about 1.39 million U.S. dollars), and has secured one million yuan equity investment from the Chongqing Mingyue Lake Private Equity Fund.

Beijing Institute of Technology Chongqing Innovation Center is located in Chongqing's Liangjiang New Area. (Photo/Liangjiang Collaborative Innovation Zone)

"The investment has bolstered the team's confidence and marks our first successful venture into research-related project financing," said Zhao Yan, the person in charge of the Equipment Lightweight Technology Research Institute.

Zhao's team primarily focuses on scientific research and innovation, with its business operations still nascent. A substantial portion of the institute's revenue is derived from cross-industry technological collaborations with various enterprises, allowing for the timely commercialization of scientific achievements and addressing the team's immediate financing needs.

From the beginning of last year, the institute's revenue from cross-industry technological collaborations has exceeded 10 million yuan. The notable contribution of seven million yuan came from MatFavor software leasing and related technical services.

The self-developed MatFavor software addresses the simulation challenge of accurately predicting material deformation and fracture during automotive collisions, a problem that traditional methods have struggled to solve. MatFavor has proven to enhance simulation accuracy significantly.

Zhao explained that MatFavor perfectly aligns with the current development demands of China's automobile industry. Drawing on years of collaborative experience with key players in the automobile industry, the team has initiated collaborative projects for MatFavor with material manufacturers, auto parts suppliers, and automakers.

Beyond the automobile industry, the team envisions promoting the application of MatFavor in other sectors, such as armored equipment, consumer electronics, and white goods. To date, the team has collaborated with more than ten prominent companies, including industry giants Changan Automobile, Geely Auto, Shougang Group, and CITIC Metal.

Up to 487,000 USD for venture exploration funds

To further foster innovation and entrepreneurial spirit, Chongqing's Liangjiang New Area hosted the XbotMan-2023 Mingyue Lake Hard-Tech Entrepreneurship Competition on July 29. 

The competition attracted over 300 global hard-tech entrepreneurial teams, with 70% from the world's top 100 universities. Among the 117 projects that entered the preliminary round, 20 innovative projects stood out and advanced to the finals.

XbotMan-2023 Mingyue Lake Hard-Tech Entrepreneurship Competition. (Photo/Liangjiang New Area)

Projects like the Next-Gen Intelligent Mobility Vehicle and the Rapid Sorting Equipment for Power Battery Systems claimed first, second, and third prizes in their respective categories. 

Apart from a total prize pool of 490,000 yuan, the outstanding projects will have the opportunity to receive up to 3.5 million yuan in venture exploration funds and support from the Liangjiang New Area Mingyue Lake Fund.

The competition showcased high-tech projects spanning various emerging industries, closely aligned with the innovation resources and characteristics of the dynamic Liangjiang New Area.