Lenovo, which recently announced a big funding initiative to start and to develop new companies, is launching an accelerator program.

Unfortunately for the Triangle and North Carolina, the first program is based in Hong Kong.

The world’s top PC manufacturer, which operates one of its two global executive headquarters in Morrisville, formally launched a $500 million investment initiative in May.

And Lenovo was among the investors in an emerging augmented reality startup, which is based in the U.S.

The global tech firm is seeking to develop more products and technology across its PC, smartphone, server/cloud and Internet-of-Things connected devices.

Here’s the full announcement about the accelerator:

Lenovo today announced the launch of Lenovo Accelerator, an incubator offering funding, infrastructure and business support for entrepreneurial startups specializing in cutting-edge technologies, including robotics, artificial intelligence (AI) and big data. Lenovo Accelerator is run by the Lenovo Capital and Incubator Group (LCIG), one of four major business groups of Lenovo.

The first Lenovo Accelerator program is being conducted in partnership with Hong Kong Cyberport and targets startups in Hong Kong and southern China. Following an open application process, a total of 10 startups will be invited to participate in a comprehensive three-month incubation program that includes work space at Cyberport, professional mentoring, research and technology consulting, prototype production, roadshow support, etc. In addition, each startup will receive early-stage seed funding of around US$100,000. Lenovo Accelerator hopes to conduct two or three more Accelerator programs during the coming year, with a goal of nurturing 20-30 technology startups over the next 12 months.

“With Lenovo’s rich background in technology, supply chain, brand and global marketing network, we are well positioned to shape the future of cutting-edge technologies by nurturing start-ups and bringing disruptive products to market,” said George He, Senior Vice President and CTO of Lenovo Group and President of Lenovo Capital and Incubator Group (LCIG). “Of course, it’s our plan to drive financial return, but we also see significant value to Lenovo in identifying technologies and innovations that have the potential be incorporated into our increasingly customer centric products.”

Lenovo Capital and Incubator Group, launched in May this year, aims at integrating Lenovo’s global resources, enhancing its Internet services and intelligence ecosystem through investments and fostering innovation within and outside Lenovo.

“Lenovo Accelerator is more than a financial vehicle. We will help entrepreneurs and grow their businesses rapidly by tapping into Lenovo’s strengths,” said Cindy Liang, Lenovo Accelerator’s general manager. “Lenovo has a full breadth of services and resources to help our Accelerator Entrepreneurs develop their product concepts and get off the ground rapidly, including our R&D capability, marketing channels, end-to-end supply chain solutions and global mentor network.”

Hong Kong Cyberport is managed by Hong Kong Cyberport Management Company Limited which is wholly owned by the Hong Kong SAR Government. It houses a community of 700 digital industry startups and technology entrepreneurs with the aim of accelerating digital adoption through strategic initiatives