ITRI Fund, Yulon set up auto-IC venture

Taipei, June 27, 2005 (CENS)--Taiwan's Industrial Technology Research Institute (ITRI) Venture Capital Fund and Yulon Motor Co. recently set up a joint venture, SEVIC Technology Inc., to develop smart electronic-vehicle integrated circuit (IC), auto-electronic modules, and other avalanched auto-electronic parts.

SEVIC is capitalized at NT$220 million (US$7.03 million at US$1: NT$31.3). The company is expected to play a vital role in the IA (information technology, or IT, and automotive) development project initiated by the Yulon Group. The IA project is scheduled to integrate all the available resources in the local auto, IT and electronic lines to develop homegrown auto-electronic techniques and products.

Many leading IT and electronic conglomerates have been invited to join the IA project, including Hon Hai (the world's largest maker of barebone PCs, connectors, and game consoles ), Quanta (leading notebook PC maker), Asustek (world's No. 1 motherboard maker), Compal (leading PC and consumer electronic maker) etc. Most of them aim to venture into the unfamiliar auto-electronic business by investing in related venture-capital funds and only Quanta has set up a specific auto-electronic business division.

In addition to SEVIC, the National Science Council (NSC) of the Executive Yuan (Cabinet) has recently reviewed several investment projects in science-based industrial parks around the island, including those filed by biotechnology, optoelectronics, semiconductor, metal-processing companies with total investment amount of NT$1.03 billion (US$32.91 million).