China-headquartered internet company Baidu launched a $200m venture capital fund today in partnership with Singapore-based mobility and artificial intelligence (AI) technology provider Asia Mobility Industries (AMI).
The Apollo Southeast Asia fund was formed to support Baidu’s autonomous driving software platform, Apollo, and will invest in autonomous driving and smart transportation technology developers.
In addition to venture capital investments, the fund will provide capital for advanced mobility research projects, technology exchange and deploying Baidu’s driverless vehicle technologies in Southeast Asia.
Qi Lu, Baidu’s president and chief operating officer, said: “AI and innovation are borderless. We are facing a historic moment with immense opportunities for people around the world, which requires big countries and great enterprises, including China and Baidu, to lead and explore together.
“We are very pleased to be at the centre of this large-scale innovation and stand together with each partner at the forefront of this momentous time.”
The formation of Apollo Southeast Asia follows Baidu’s launch of a predecessor called Apollo Fund in September 2017 with $1.5bn of capital reserved for some 100 autonomous driving projects over a three-year period.
While Apollo Fund is yet to make a splash in terms of equity investments in startups, Baidu itself has in fact been participating more heavily in the transport sector, joining carmaker Ford to supply $150m of funding for 3D sensor and mapping technology provider Velodyne in August 2016.
Baidu had already backed a $550m round for automotive e-commerce platform Yixin Capital four months earlier. It co-led a $195m round for chauffeured ride service Shouqi Limousine & Chauffeur in November 2017 and provided funding for electric vehicle developer WM Motor last month.