Raystone Capital, the investment arm of China-based mobile games developer Raystone, has closed its latest growth fund at RMB1bn ($148m), China Money Network reported today, citing a spokesperson for the firm.
State-backed venture capital fund National Venture Capital Fund for Emerging Industries is a limited partner in the entity, as are funds backed by the city of Shenzhen’s municipal government, with the government-owned vehicles contributing 25% of the total.
Shenzhen Longgang District Venture Capital Guiding Fund and Shenzhen government-backed fund-of-funds Kunpeng Fund also participated in the fundraise.
Founded in 2009, Raystone Capital operates as Raystone’s asset management branch, and focuses on sectors such as clean technology, new materials and consumer-focused technologies.
The latest fund will target China-based growth-stage companies working on artificial intelligence (AI) technologies that could be used in sectors such as smart manufacturing and digital healthcare.
Raystone has become the latest corporate to launch an AI-focused fund, and its close comes two months after Qualcomm Ventures, the corporate venturing arm of mobile semiconductor provider Qualcomm, launched a $100m vehicle to invest in AI technology developers.