ID TechVentures, a China-based venture capital firm focused on early stage tech companies spun out from computer maker Acer, is preparing to raise nearly $300m in two funds over the next year.
Of the two planned funds, one would be a Chinese yuan fund targeting RMB400m to RMB500m ($59m to $73m) to launch around July or August, York Chen, founding managing partner of iD TechVentures, said in an interview with newswire Reuters.
The other fund would be a $200m fund that would launch around the third quarter of 2011, he added to Reuters.
Chen said iD TechVentures, formerly known as Acer Technology Ventures, typically invested in seven to eight projects a year from its various funds. "We don’t expect to see an increase in the number of projects to be invested, but the amount every year will rise," Chen said, adding that iD was also investing in clean technology beyond technology, media and telecoms.
ID TechVentures has invested about $10m in both a water saving and lighting company this year.
In July, iD TechVentures floated its Guolian Aquatic portfolio company on the Shenzhen stock exchange.