SIX high-tech firms secured 340 million yuan (US$50.3 million) in investment from Pudong New Area government via its two venture capital firms yesterday.

The investment is part of Pudong's 2 billion yuan project to lure high-end professionals to start up firms in the area in five years. The area's government has set up two state-owned VC firms - Pudong Science and Technology Investment Co and Zhangjiang Science and Technology Investment Co - to offer capital to companies with great potential. The two government-backed firms differentiate themselves from ordinary VC firms by emphasizing more on the prospects of the potential technology offered by these high-tech start-ups rather than being purely profit driven.

The six companies which received the funds have significant technological advantage and the entrepreneurs behind them have a global perspective.

"The two state-owned VCs offered very favorable policies," said Wang Yin, president of Greenbio Material Science and Technology (Shanghai) Ltd, one of the six firms. Greenbio received 15 million yuan.

Pudong plans to invest in similar high-tech firms in various industries, government officials said yesterday.