Boyuan Capital, set up by global engineering and technology giant Bosch for technology bets in China, has launched its RMB-denominated fund seeking to raise as much as 1 billion yuan ($155 million), per a company statement on Monday.
The vehicle, named Bosch China Growth Fund I, has reached the first close from limited partners including Bosch, Chinese automotive component manufacturer Wuxi Weifu High-Technology Group, among others.
Boyuan Capital, the first investment arm set up by Bosch, will focus on sustainable transportation, smart manufacturing, internets of things (IoT), artificial intelligence (AI), semiconductors, among others.
Prior to the launch of Boyuan Capital, Bosch had inked an agreement with Wuxi National Hi-tech District Government and Wuxi Weifu High-Technology Group to help Weifu and local enterprises reduce carbon emission, it said earlier this month.
In March this year, Bosch teamed up with a clutch of investors including SAIC Motor, Toyota, Daimler AG, Temasek, Yunfeng Capital and Tencent to collectively invest $500 million in Chinese autonomous driving startup Momenta.
In 2020, it had participated in China’s 3D-sensors (LiDAR) provider Hesai Technology’s $173-million Series C round of financing.
“Bosch China will invest in the futuristic industries such as pro-planet transportation and AIoT. As investment activity will have a significant contribution to business development in China, so the establishment of Boyuan Capital will better benefit our investment in the technology field,” said Bosch China president Dr. Chenyudong in the statement.
Headquartered in Gerlingen, Germany, Bosch is a global supplier of technology and services with four business sectors – mobility solutions, industrial technology, consumer goods, energy and building technology.
As of December 2020, its annual sales from China stood at 117.3 billion yuan ($18 billion), making it the group’s largest overseas market.