DNV Capital, a Chinese venture capital firm that primarily backs healthcare and tech-driven startups, has raised 610 million yuan ($87 million) in a new RMB-denominated fund for investments in artificial intelligence (AI), big data, and other innovative technologies.
Shenzhen-listed Guangxi Royal Dairy, which is involved in diary, filmmaking, and information service businesses, and a private equity platform owned by the local finance bureau in Tai’an city, eastern China’s Shangdong province are limited partners of the new fund, according to a recent statement.
The fund was closed roughly one month after Guangxi Royal Dairy agreed to commit to 300 million yuan ($43 million), or 49.10 per cent of the total fund size, while the state-owned private equity firm pour 310 million yuan ($44 million), or 50.74 per cent, shows a filing with the Shenzhen stock exchange on November 13.
DNV Capital invested 1 million yuan to serve as the general partner of the new fund.
The fund will finance companies in the high-tech sectors including AI, movie and television, urban culture and tourism, information technology, and biomedical application.
“DNV Capital is positioned to be a global innovation fund from the first day of inception,” said Lin Yunfeng, founding partner of DNV Capital, in the statement. “We seek to bring to China the most advanced overseas technologies and take Chinese excellent technologies abroad.”
DNV Capital, founded in 2011, manages five USD-denominated funds and five RMB-denominated funds for investments in healthcare and innovative technology, covering pharmaceutical preparation, medical apparatus and instruments, health management, AI, internet of things (IoT), high-end robots, 3D printing, and cloud computing, among others.
Its portfolio companies include Chinese next-generation sequencing (NGS) developer Geneseeq, Beijing-based biopharmaceutical firm CANbridge, US-based innovative endodontic therapy provider Sonendo, and Todaysoft Gene, which uses internet and cloud computing to acquire and apply tumour precise medical clinical big data.
The company also poured money into Venus Medtech, a Chinese company that produces heart valve replacement devices. The Hangzhou-based portfolio firm raised HK$2.41 billion ($308 million) in an initial public offering (IPO) on the Hong Kong stock exchange earlier this month.