Advanced materials producer Saint-Gobain has committed an undisclosed amount to China-based investment firm Richland Capital’s third venture capital fund, DealStreetAsia reported yesterday.
Founded in 2011, Richland invests across technology sectors including advanced materials, advanced manufacturing equipment, semiconductors, artificial intelligence and 5G networks.
The firm is targeting up to RMB800m ($123m) for the close of Richland Capital Fund III, which it expects to take place by the end of June 2021.
The vehicle’s first close, in August 2020, was backed by Solvay Ventures, the investment arm of chemicals producer Solvay, as well as Nipsea, which invests on behalf of paint producer Nippon Paint, and Redbud, a fund-of-funds formed by Tsinghua Asset Management, part of Tsinghua University.
Asahi Kasei Ventures, the corporate venturing subsidiary of chemicals and advanced materials manufacturer Asahi Kasei, made a commitment of undisclosed size to Richland Capital Fund III three months later.
The fund has so far been used to back portfolio companies including OLED materials producer Lumilan and automotive design firm Launch Design.