China-based entertainment and hardware producer LeTV Holdings has set a RMB10bn ($1.54bn) target for a corporate venturing fund, China Money Network reported yesterday, citing local media reports.
The Changle Industry Fund will back companies focused on big data, artificial intelligence and entertainment, and will be co-managed with venture capital firm Changshi Capital.
The fund is expected to begin operations in early 2016 with between RMB3bn and RMB5bn from LeTV and third-party limited partners.
LeTV, also known as Leshi Internet Information & Technology, is best known for its online video streaming platform but it is also engaged in ventures covering sport broadcasting, televisions, cars and smartphones, raising $530m last month for its smartphone unit, LeTV Mobile.
The company is establishing the fund in a bid to grow an ecosystem around its products, and aims to build the size of Changle to RMB10bn in the next three-to-five years.