Power generation equipment supplier Shanghai Electric has invested in a RMB200m ($29m) China-based industry fund launched by an unspecified asset management firm, China Money Network has reported.
The fund will invest in domestic artificial intelligence (AI) and smart manufacturing technology developers.
Shanghai Electric is providing $9.9m for the fund through a subsidiary, joining GCL (Shanghai), a vehicle controlled by energy conglomerate Golden Concord, which is investing approximately $10.2m.
An unnamed China-based venture capital firm is the other limited partner, and is putting up $8.7m for the fund. The undisclosed asset manager will contribute roughly $290,000 and will manage the vehicle as its general partner.
The fund is intended to capitalise on the expansion of China’s AI and manufacturing industries, both of which are currently going through periods of considerable growth.
Shanghai Electric’s contribution to the fund comes weeks after it participated in a $288m series A round for China-based smart electric vehicle developer Leap Motor.