Baidu Ventures makes $318m first close on AI fund
Baidu Ventures, an independent VC firm set up by Chinese internet player Baidu, has achieved a first close of more than RMB2 billion ($318 million) on its second renminbi-denominated fund that focuses on artificial intelligence (AI).
Baidu acted as the cornerstone LP, with third-party investors contributing more than RMB1 billion into the vehicle. They include domestic fund-of-funds, state-backed investment platforms, and corporate investors, according to a statement.
This is the third fund that Baidu Ventures has launched over the past 12 months, following a generalist renminbi fund and a US dollar vehicle. At present, the PE unit manages more than RMB3 billion in total assets.
Founded in 2016, Baidu Ventures claims to be the largest investment firm in China specializing in AI. It backs start-ups developing deep technology related to algorithms, sensors, and data storage systems, as well as businesses operating in different industries – from precision medicine to driverless cars – empowered by AI.
The firm participates in seed stage, Series A, and Series B rounds, primarily in China and the US. It has so far made 50 investments, and it plans to back more than 100 companies with the new fund.
In addition to Baidu Ventures, Baidu launched Baidu Capital, a $3 billion tech fund that was established last October and targets mid- and late-stage deals. Last year, it also partnered with China Life Insurance Group to form a RMB14 billion tech-focused PE fund. This was followed by a $200 million fund with Singapore technology conglomerate Asia Mobility Industries that concentrates on autonomous driving and intelligent transportation.
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