
WI Harper forms Sino-US fund with Chinese investors
Early-stage VC firm WI Harper Group has teamed up with two Chinese investment funds – Luxin Venture Capital Group and Shandong Leader Equity Investment Fund – to launch a cross-border fund that will invest in start-ups in China and the US.
The size of the vehicle was not disclosed. It will invest in start-ups in the robotics, artificial intelligence, virtual reality, augmented reality, autonomous vehicles, big data, cloud computing, healthcare IT, medical devices and biotech sectors, according to a release.
Listed on the Shanghai Stock Exchange, Luxin Venture Capital manages government funds and private capital. It invests in emerging national strategic sectors such as advanced manufacturing, modern agriculture, clean technology and biotechnology.
"In the last 20 years, WI Harper Group has devoted itself to driving cross-border economic growth through investing in innovative start-ups. We demonstrated this in China by identifying and licensing core telecommunication technology from the US, establishing a joint venture with a Chinese state-owned enterprise, which eventually paved the way to the launch of China's 3G standard," said WI Harper's chairman Peter Liu in the statement.
In May, WI Harper closed its eighth venture capital fund at $175 million. Most of the fund's investments are expected to occur in Asia; 80% of the fund is earmarked for the region, with the rest planned for investments in the US. The firm has offices in San Francisco, Taipei and Beijing.
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