China-based radio frequency identification technology provider Invengo is set to launch an internet-of-things (IoT) fund that will target RMB1bn ($145m) in capital for its final close, China Money Network reported yesterday.
The fund has set a target of about RMB300m for its first close and the partners plan to open up a second tranche once it has secured 80% of the initial threshold, equating to roughly $35m.
Invengo is launching the vehicle in partnership with investment firm Shenzhen HTI Venture Capital, with the pair expected to invest $800,000 and $650,000 respectively, to establish a fund manager on a 55/45 equity basis.
The fund will primarily look to invest in growth or mature-stage businesses with products in emerging industries aligned with its IoT focus.
Publicly-listed Invengo hopes to gain insights from the vehicle that will help improve the competitiveness of its business, and will also seek new opportunities to promote its services in China and further afield.
The firm was founded in 1999, and now provides IoT-ready radio frequency identification products for purposes ranging from identity management to supply chain logistics, transport and pharmaceuticals.