China-based internet security software provider Qihoo 360 intends to establish a $60m corporate venturing fund that will invest in internet-of-things startups, the Wall Street Journal has reported.
The company will be the major investor in the 360 Capital-IoT Fund, but it will also source funding from other investors and strategic partners. It will invest in China, the US and Israel, according to a presentation given by a company spokesperson in Israel last week.
Qihoo 360’s interest in investing directly in Israel follows commitments made as a limited partner to funds raised by Israel-based venture firms Jerusalem Venture Partners and Carmel Ventures.
The WSJ revealed earlier this year that Qihoo 360 had quietly launched a corporate venturing unit in California, from which it had made five investments. Its portfolio companies include biometric verification technology company EyeVerify, satellite builder Spire and cloud computing softwar developer PSafe.