Hong Kong, with over 9,000 high-rise buildings, is among the most densely constructed cities globally. For Tony Ip, a Canadian entrepreneur and Co-Founder of RaSpect, this scenario was an opportunity to revolutionize building inspection and maintenance. He highlights the high expenses and resources dedicated to inspections in aging infrastructures and the need for consistent upkeep.
RaSpect offers an AI-powered solution that supplants manual inspections, employing drones to capture images and videos for analysis, enabling predictive maintenance. This technology assists property owners in aligning with government safety standards while contributing to smarter and safer cities.
Established in Hong Kong in 2017, RaSpect garnered accolades and collaborated with international business networks, including InvestHK and Cyberport, supporting company registration and tax structuring. With backing from Cyberport and YSpace, York University’s innovation hub, Ip is spearheading RaSpect’s expansion into North America, beginning in Toronto and York Region, where many high-rises abound.
RaSpect’s Canadian venture is in sync with YSpace’s broader strategy of forging cross-border collaborations, aiming to connect Canadian tech with the global landscape. Toronto’s innovative environment and favorable policies laid the foundation RaSpect needed for expansion, providing access without the complexities of a US launch. Integrating with YSpace was seamless, complementing efforts to bolster ties with Asia’s tech sectors.
Earlier, YSpace spearheaded a Hong Kong delegation to foster cross-border affiliations, paving the way for Canadian startups in Hong Kong and vice versa. This visit birthed a formal partnership with Cyberport, allowing their startups access to YSpace’s Accelerator Program and financial backing for Canadian market readiness.
David Kwok, YSpace Director, described the initiative as “almost risk-free” for international entrepreneurs, facilitating a Canadian market exploration. This partnership has eased RaSpect’s integration into Canada’s tech sphere, with Ip calling YSpace his “Hong Kong family in Toronto.”
YSpace, having supported over 1,400 firms with resources and networking, is aiding RaSpect with office locales, event access, and a dedicated program manager to open new avenues. Ip is now focusing on Canadian incorporation, project acquisition, and capital raising, efforts facilitated by YSpace’s connections.
With US trade challenges, international firms reassess North American entry points, finding Canada a more stable expansion route. Christopher Chen, Head of InvestHK Canada, underscores Canada and Hong Kong’s long-standing ties, urging mutual recognition of technological innovations.
Looking forward, YSpace aims to establish a Hong Kong satellite hub, assisting Canadian firms overseas and globalizing Hong Kong startups. Kwok emphasizes Canada’s need for global expansion, recognizing Asia as a significant market and YSpace’s mission to empower Canadian companies for global reach.
YSpace fosters a robust Canadian tech community through initiatives for women, Black entrepreneurs, and sector-specific programs. [Learn more.]
All photos provided by YSpace.