(Yicai) Sept. 7 -- Shanghai’s Minhang district is seeking to further push the development of scientific research startups in the NeoBay science and technology innovation park, according to a local official.

Following an upgrade in February, NeoBay will join hands with local bodies and resources including two famous universities, Shanghai Jiao Tong University and East China Normal University, Chen Yujian, Minhang district's party secretary said at a press conference today.

It will also partner with more than 10 scientific research institutions in various areas and over 440 research and development centers to enhance NeoBay's scientific innovation functions, Chen added.

Co-founded by Shanghai Jiao Tong University, the Minhang government, and Shanghai Land Minhong Group in 2015, NeoBay is home to more than 3,000 firms working in areas such as high-end equipment, artificial intelligence, and biomedicine. Nine of its firms are listed, and 30 have a valuation of over CNY1 billion (USD136.5 million).

NeoBay has set up a financial area and the first 24 funds and financial institutions are already up and running in the park. It has also formed a venture capital and scientific industry fund to provide financial support from the initial investment cycle to late-stage equity investment, while also offering one-stop services in intellectual property, market regulation, taxation, and other areas.

NeoBay plans to step up collaboration between firms and universities to speed up key projects, and a new center will be dedicated to converting scientific and innovative achievements into applications.

Editor: Tom Litting