China Everbright Limited, AIoT firm Terminus join hands to launch $1.4b fund

Shanghai, China. Source: Robynne Hu/Unsplash

China Everbright Limited, a financial services arm of state-owned conglomerate China Everbright Group, has teamed up with its AIoT-enabled smart city platform Terminus Technologies to launch a private equity fund that targets a corpus of 10 billion yuan ($1.4 billion).

The new fund, dubbed “CEL AI Economy Fund,” will be a series of funds operated in both RMB and US dollars, said China Everbright Limited in a recent statement.

It will focus on equity investments in businesses that apply Artificial Intelligence of Things (AIoT) and next-generation information and communications technology (ICT) in industries like smart city, autonomous driving, smart healthcare, intelligent transportation, and smart retail, among others.

The CEL AI Economy Fund already garnered 7 billion yuan ($1 billion) from institutional investors, while the US dollar tranche is currently under preparation and is expected to be launched soon.

The introduction of the investment platform is part of China Everbright Limited’s broader plan to build its capabilities in intelligent urban infrastructures powered by AI, 5G, Internet of Things (IoT), cloud computing, and other advanced technologies, said the company.  

It will also accelerate the global deployment of Terminus’ AI CITY network, which is the company’s initiative to provide governments and enterprises with AIoT-enabled solutions for the intelligent management and operations of public buildings, utilities and environment.

“As China’s central government proposed to accelerate the new infrastructure construction, its featured industries such as 5G communication technology, AI, Internet of Things and data centres have become the new essential production factors,” said Zhao Wei, executive director and CEO of China Everbright Limited, in the statement.

“This will drive social and economic development and innovation in many aspects and empower industries in the intelligent new economy,” said Zhao.

Terminus was created in November 2015 by China Everbright Limited to deliver city-level AIoT-powered intelligent solutions.

In August 2019, the company secured 2 billion yuan ($286 million) in a Series C round led by the parent company. Chinese e-commerce giant JD.com, real estate developer Wanda Group, and voice recognition technology developer iFlytek all participated in the previous round.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.