trending Market Intelligence /marketintelligence/en/news-insights/trending/fxfJ7KtpP00uPeBLGDJKvQ2 content esgSubNav
In This List

Report: Baidu to form China's largest AI-focused fund

Podcast

Next in Tech | Episode 50: InfoSec spending up, again…

Blog

Broadcast deal market recap 2021

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Volume of Investment Research Reports on Inflation Increased in Q4 2021


Report: Baidu to form China's largest AI-focused fund

Baidu Inc.'s venture capital unit Baidu Ventures will partner with the Rain Fund of Funds to form a 2-billion-yuan fund for artificial intelligence in Guangzhou Development District in China's Guangdong province, Yicai Global reported, citing Chinese-language publication Southern Metropolis Daily.

The fund, reportedly the country's largest AI-focused venture capital fund, will be used to build a venture center, global technology transfer area, and an industrial demonstration area, Liu Wei, CEO of Baidu Ventures, told Southern Metropolis Daily.

An advanced manufacturing industry group in the Pearl River Delta is among those that will receive investments from the fund, along with outstanding AI and intelligent machine platforms and startups across the country, forming a portfolio of over 100 projects, while simultaneously uniting top companies in the industry, he added.

The fund is also the first that Baidu Ventures has established outside of Beijing, the report said.

As of Dec. 11, US$1 is equivalent to 6.62 Chinese yuan.