Ultrapower Fund, a corporate venture capital subsidiary of China-based telecommunications and internet software provider Ultrapower Software, has closed its latest fund at RMB138m ($19.4m), DealStreetAsia has reported.
The fund has been backed by two undisclosed investment platforms that are closely connected to the city of Beijing’s municipal government, according to a statement cited by DealStreetAsia.
Ultrapower Fund was formed in 2017 in partnership with co-investors including Qianhai Wutong Mergers and Acquisitions Investment Fund. It has reportedly provided funding for some 50 startups and targets seed and early-stage deals.
Sectors in which the unit invests include artificial intelligence, big data, entertainment, education, online finance and communication technology.
The fund’s portfolio includes cloud communication software provider RongCloud, anti-fraud technology producer Eversafe Online, big data platform developer Juyun Weizhi and cloud services provider Quyun Technology.
Yang Yang, a partner at Ultrapower Fund, was quoted by DealStreetAsia as saying the unit intends to concentrate on investing in “technological innovative startups with independent research and development capabilities, especially those in the cloud service area”.
