Google's Ex-China Chief Resurfaces
NEW YORK (
--
Google's
(GOOG) - Get Report
China chief has resurfaced with an investment firm geared towards fostering Internet startups.
Kai Fu-Lee's departure from Google was confirmed last week, with reports suggesting that he was working on his own venture.
The Wall Street Journal
reported Tuesday that Lee is forming a new tech-incubation company, called
Innovation Works
, which is already capitalized with $115 million from "several prominent backers."
Lee, who discussed his plans with reporters Monday, expects Innovation Works to produce up to five start-ups a year, according to
The Journal
. The executive said that the company is backed by contract manufacturing giant
Hon Hai Precision Industry
,
Lenovo
parent company
Legend Holdings
and venture capitalist
W.I. Harper Group
.
The former
Microsoft
(MSFT) - Get Report
executive and assistant professor at Carnegie Mellon University joined Google in 2005 to develop the company's Chinese business and was later appointed president of its greater China operation. In this role, Lee was credited with expanding Google's Chinese presence despite stiff competition from local rival
Baidu
and government censorship issues.
The Mountain View, Calif.-based firm has nonetheless shrugged off Lee's departure. In a news conference earlier this week, the two Google executives appointed to fill his role told reporters that they are
that the search firm can continue to grow in China.
Globally, Google also faces the challenge of Microsoft's
search partnership with
(YHOO)
, although Google is said to be planning its
around Web searches and advertising.
--
Written by James Rogers in New York
.
