Intel Capital, the corporate venturing arm of chip maker Intel, has set up a RMB 80m ($12.8m) angel fund to support China-based startups, unveiling it alongside a $19.2m accelerator programme.
The Intel Capital China Angel Fund will support entrepreneurs working in the smart devices ecosystem in China.
The fund will act as a subsidiary of the Mass Makerspace Accelerator programme, which will seek to identify makers, students, developers and startups working on internet of things-related technologies.
The fund is the first angel fund established in China by Intel Capital, but is the fourth of its funds to focus on the country. Most recently, Intel Capital established a $100m China Smart Device Innovation Fund in April 2014 to invest in smart device, wearables and internet-of-things technology developers.
Intel Capital has been active in China since 1998, and has invested more than $670m in more than 110 startups since its formation. The company also operates a research unit, Intel Labs, and an accelerator for Intel technology-based devices, Intel Smart Device Innovation Centre, in the country.