MTR Lab, the corporate venture arm of public transport operator and developer MTR Corporation, has made a strategic investment in industrial acoustic AI technology provider Ensonic as it seeks to expand overseas.
The investment will accelerate the ongoing research and development of Ensonic’s technology and products, according to a company release on Tuesday. MTR Lab did not disclose the financial details of the deal.
Founded in 2017, Beijing-based Ensonic offers acoustic fault diagnosis for predictive maintenance through its proprietary microphone arrays, signal processing technology, data and algorithm-driven solutions, which could help enhance productivity and overall service performance in manufacturing, energy, power, and transportation.
Previously, Ensonic raised 100 million yuan ($14.5 million) in a Series B+ round led by an investment fund under Chinese telecom major China Mobile in December 2023. A number of Chinese investment firms, including October Capital, Gaochuang Investment, and Weed Ventures, also participated in the round. Currently, it also counts Vertex Ventures China and Lenovo Capital among its list of investors.
The latest investment comes as MTR Lab’s maiden attempt to expand its investment portfolio into mainland China.
Founded in 2021, MTR Lab, with an initial capital pool of over HK$300 million ($38.2 million) from its parent, targets to back global startups across six sectors relevant to the parent firm’s operations spanning from rail tech, mobility- as-a-service, new mobility modes, property tech, retail tech, as well as financial and data services.
Most recently, Hong Kong- and Singapore-based energy storage systems maker Ampd Energy, also a portfolio firm of MTR Lab, raised $27.3 million in a Series B funding round led by private investment firm Kibo Invest and venture capital firm Openspace Ventures. MTR Lab, alongside Asian real estate technology investor Taronga Ventures and European venture capital firm 2150, also participated in Ampd’s Series B round.
