China-based venture capital firm DNV Capital has closed a RMB610m ($86.7m) fund that includes dairy-focused conglomerate Guangxi Royal Dairy as a limited partner, DealStreetAsia has reported, citing a statement.
Guangxi Royal Dairy provided $42.6m of the capital while a private equity platform owned by the municipality of Tai’an committed the rest, according to a stock exchange filing.
Founded in 2011, DNV Capital manages 10 funds according to DealStreetAsia, including a joint venture set up with the Chinese Academy of Sciences in April 2018. Its portfolio includes diagnostic tool developer Geneseeq and dental system provider Sonendo.
The firm is the general partner for its fund, which will target investments across sectors such as media and entertainment, biotech, tourism and IT, in companies utilising innovative technologies like artificial intelligence and big data.
DNV Capital founding partner Lin Yunfeng was quoted as saying: “DNV Capital is positioned to be a global innovation fund from the first day of inception. We seek to bring to China the most advanced overseas technologies and take Chinese excellent technologies abroad.”
