Pinduoduo founder Colin Huang’s Starry Night Foundation donates $100 million to support agri-food tech and biomedical research

Rhea-AI Summary

Pinduoduo founder Colin Huang's Starry Night Foundation has pledged $100 million to Zhejiang University for research in biomedical science, agriculture, and food over the next three to five years. This donation, the foundation's largest to date, aims to support projects like cell-cultured fish and neurocognitive disorders. Huang recently stepped down from Pinduoduo's board to focus on research. A management council and academic committee have been established for the foundation, featuring notable figures such as Nobel Laureate Michael Levitt.

Positive

• Pledge of $100 million to support significant research areas.
• Funding aims to promote innovation in biomedical science, agriculture, and food.
• Setting up of a management council and academic committee with prestigious members.

Negative

• Huang's departure from Pinduoduo's board could create uncertainty about the company's future direction.

SHANGHAI, China, March 18, 2021 (GLOBE NEWSWIRE) -- Pinduoduo founder Colin Huang’s Starry Night Foundation has pledged $100 million to Zhejiang University to support fundamental research in biomedical science, agriculture and food.

The $100 million donation, to be disbursed over the next three to five years, will fund research at an advanced institute set up by Zhejiang University and the Shanghai municipal government to support innovation and promote fundamental research in the areas of biomedical sciences, agriculture and food.

The first batch of research projects that will receive funding from the foundation include research into cell-cultured fish, tumor neoantigens, and major neurocognitive disorders.

As a first phase of funding, the donation is the biggest pledge to date by Starry Night Foundation since it was set up in July 2020. Huang and the founding team at Pinduoduo donated 2.37% of their company shares to the irrevocable charity trust at the time, with the aim of promoting social responsibility development and scientific research.

The donation announcement comes one day after Huang stepped down from the board of directors of Pinduoduo, the company he founded in 2015. Huang said in an open letter to Pinduoduo shareholders that he will work on research in the fields of food sciences and life sciences after stepping down.

The Starry Night Foundation also announced on Thursday the setting up of a management council and academic committee. The council will be chaired by Chinese Academy of Sciences academician and Zhejiang University President Wu Zhaohui. The academic committee includes Professor Michael Levitt, a Nobel Laureate in Chemistry, and Raoul Bino of Wageningen University & Research.

Huang studied computer science at Zhejiang University.

About Starry Night Foundation:
The Starry Night Foundation was set up in July 2020 by Colin Huang and Pinduoduo’s founding team as an irrevocable charitable trust devoted to promoting social responsibility development and scientific research.

FAQ

What is the purpose of the $100 million donation by the Starry Night Foundation?

The donation aims to support fundamental research in biomedical science, agriculture, and food at Zhejiang University.

Who will manage the projects funded by the Starry Night Foundation?

A management council and academic committee have been established, chaired by Zhejiang University President Wu Zhaohui.

What are some research areas funded by the Starry Night Foundation?

The first projects include research into cell-cultured fish, tumor neoantigens, and neurocognitive disorders.

When was the Starry Night Foundation established?

The Starry Night Foundation was established in July 2020.

What recent leadership change occurred at Pinduoduo?

Colin Huang stepped down from the board of directors of Pinduoduo.