Baidu Ventures, the corporate venturing subsidiary of China-based internet group Baidu, has closed its second renminbi-denominated fund after raising almost RMB2bn ($318m), China Money Network reported today, citing a company WeChat post.
In addition to capital from Baidu itself, the fund has secured commitments from external limited partners. Although their identities have not been disclosed, they include industrial firms and a government-owned entity.
Baidu Ventures focuses on artificial intelligence and big data technology developers, generally investing between seed and series B stage in China and the US.
The close of the latest fund, the unit’s third in total, increased the amount of capital it has under management to almost $480m.
Baidu Ventures’ portfolio companies include big data acceleration technology provider Falcon Computing, record management system developer Ripcord and augmented reality technology developer 8i Technologies.
Liu Wei, CEO of Baidu Ventures, was quoted by China Money Network as saying: “To launch and set up three funds within one year reflects both the trust of investors in BV, and the tireless work by our team members.
“But 2017 was just the beginning. Artificial intelligence will be the fulcrum of innovative business model design in 2018.”