Internet company Baidu has launched a $200m corporate venturing unit called Baidu Venture to invest in artificial intelligence, virtual and augmented reality, China Money Network reported yesterday.
Baidu Venture will be helmed by the firm’s chairman and chief executive, Robin Li, who will be chairman of the unit, according to Chinese media reports. Li told reporters: “AI is our opportunity and we are pretty fortunate the world is coming to this stage,” according to the South China Morning Post.
The $200m represents the amount Baidu is initially looking to raise for the fund. Interestingly, reports state Baidu Venture will be operated independently to its other corporate venturing activities in a bid to speed up the investment process.
Investors who have worked with Baidu told China Money Network last month the company had a less clear and defined investment vision than rivals Tencent and Alibaba, and as a result often lagged behind in funding the most promising startups in each sector.
Companies to have received funding from Baidu so far this year include real estate portal Lianjia, light detection and ranging (lidar) technology developer Velodyne and payment technology provider Circle.
The fund was disclosed days after Baidu launched a support and mentoring initiative for Brazil-based digital technology startups in partnership with angel investor network Latin America Angels Society (LAAS).
Startups that participate in the scheme will do so in return for a 10% stake in return for mentorship, with Baidu providing expertise and connections in the mobile internet space both locally and internationally.