Sina Technologies Beijing Aug. 29-Foxconn will work with three companies in Wisconsin to set up a $100 million investment fund to speed up the emergence of technology start-ups around the world.
Apple supplier Foxconn, health care provider Advocate Aurora Health, building materials supplier Johnson Controls and insurance provider Northwest Mutual will each contribute $25 million to the venture capital fund, Wisconn Valley. The fund will be managed by a Milwaukee-based fund manager and a committee of four companies with one representative each.
Johnson Controls, based in Milwaukee, Wisconsin, will provide buildings with a range of technology products, including automatic thermostats. Security systems and dampers. Northwestern Mutual, a Milwauke-based financial services firm, .Advocate Aurora Health operates 27 hospitals in Wisconsin and Illinois.
Official representatives of the four companies said they hoped the fund would bring good enough returns to promote innovation in robotics, artificial intelligence and medicine.
" we hope that through this fund, entrepreneurs and start-ups can provide innovative solutions to achieve success," Foxconn's chief executive Guo taiming said in a statement. "
The four companies announced the establishment of the fund in the Discovery World in Milwaukee, along with Wisconsin Governor Scott Walker.
Walker said at a press conference: " this fund symbolizes the cooperation of four companies aimed at turning Wisconsin into a global technology center. "
Foxconn is now building a huge production Park in Wisconsin, us. The company promises to invest up to $10 billion and bring 13 thousand jobs. If these targets are met, Foxconn will receive more than $4 billion in state and local tax incentives, the largest incentive in U.S. history for foreign companies.
On Monday, Foxconn announced it would invest $100 million in engineering and innovative research at the University of Wisconsin at Madison. Foxconn staff say it shows the company's commitment to investing in Wisconsin over the long term.
Walker has been promoting the potential benefits of the project for economic development. However, his rival Democratic governor candidate, Tony Evers, criticized the offer, saying they don’t need Foxconn workers to become Wisconsin residents, and the money will cost the state 25 years. Take back this investment.
News of the start-up fund and Foxconn's investment in Madison came in less than a week after a Marquette Law School poll showed Walker and Evers close.
Evers's spokesman, Maggie Gau, did not immediately respond to the incident. (reactor)