Chinese early-stage venture capital firm Qingsong Fund has closed 300 million yuan ($43 million) for a new vehicle, which will specialize in investments in innovative technologies and related applications.
The new investment vehicle, whose name can be translated as “Qingsong Wisdom Fund” in English, will primarily look at investment opportunities in the fields of artificial intelligence (AI), robotics, AI plus healthcare, industrial internet, and internet of things (IoT), among others, according to a company statement on Thursday.
Shenzhen Angel Capital Guiding Fund, a government-led fund with 5 billion yuan ($714 million) in the initial close, and Qianhai FOF, a 21.5-billion-yuan ($3.07 billion) vehicle jointly managed by state-backed Shenzhen Capital Group, are among limited partners of the fund.
The fund, launched in November 2018, already injected capital into Chinese optoelectronic semiconductor developer Berxel, Hangzhou-based IoT communication chip developer Geochip, natural language processing (NLP) and machine learning startup Malgo, as well as Shanghai-based KAANH, which offers flexible control equipment and solutions.
Besides the close of Qingsong Wisdom Fund, Qingsong Fund also announced to kick off the fundraising process for its fourth fund with a target to collect 1 billion yuan ($143 million) in total from government-guided funds, funds of funds (FOFs), family offices, private enterprises and high net-worth individuals.
The fourth fund will continue to focus on investment opportunities in culture and education, mass consumption, as well as the development and application of innovative technologies, according to the statement.
Qingsong Fund, started in June 2012, currently manages four funds with 2 billion yuan ($286 million) in total assets under management (AUM) and investments into over 160 companies.
Some of its most high-profile portfolios include Zhangmen, a Warburg Pincus-backed Chinese K12 online tutoring platform which secured $350 million in a Series E round this February, Beijing-based online education startup Onion Math, online wedding service Hunliji, and Fabu Technology, an AI startup developing advanced driver assistance system (ADAS) and autonomous driving.