China-based marketing software provider Weimob and V-Capital, a subsidiary of local textiles manufacturer Jiangsu Huaxicun, has raised RMB500m ($77.3m) for a data intelligence technology-focused investment fund, DealStreetAsia reported yesterday.
The fund, Beijing Weizhi Shuke Investment Centre, will invest in companies utilising artificial intelligence, cloud computing, big data or internet-of-things technology.
Limited partners that have committed capital to the fund include state-affiliated funds Beijing Industrial Development and Investment Fund and Beijing Sijiqing Agriculture Industry Commerce General Company.
V-Capital said in a statement it is seeking portfolio companies that demonstrate a certain degree of commercial success, adding that V-Capital and Weimob will collaborate on the evaluation of deals and post-investment management.
Guo Xin, managing partner of V-Capital, added: “We continue to be optimistic about the commercial prospect of data intelligence against the backdrop of a digital economy.”
Weimob was founded in 2013 and provides customer relationship management software that enables businesses to communicate with customers through social media. V-Capital had co-led a $160m series D round for the company in 2018 that included internet company Tencent.