Taiwan-based investment firm Cherubic Ventures has launched a $120 million fund for which it has already received commitments for $70 million.
The new fund will be managed by Matt Cheng, Founder and Managing Partner at Cherubic Ventures, and his team spread across Beijing, Taipei and the US.
The fund will keep its eye on industries like software-as-a-service (SaaS), virtual reality, robotics, machine learning, and e-commerce for making investments..
The company also said, in a press statement, the Shanghai office will serve as its new global headquarters, which will coordinate between Asia and the US.
Founded in 2010, the firm has invested in at least 94 startups across the world including Double, a Hong Kong-based virtual assistant; FanTalk, a San Francisco-based mobile fan engagement platform; Fang Hu Wang, an online real estate mortgage loan platform in Beijing; and H2, a startup in Taipei that uses smartphones to monitor the user’s health.