(Yicai Global) Sept. 13 -- China's internet giant Baidu Inc. [NASDAQ:BIDU] is to set up a venture capital company, Baidu Venture, with initial funds of USD200 million to invest in artificial intelligence, augmented reality and virtual reality start-up projects, sina.com reported today.
Baidu Venture will operate independently from Baidu's existing investment and mergers and acquisitions teams. Baidu founder, chairman and CEO Mr. Robin Li will serve as chairman of the new company and will be involved in selecting key projects for investment.
The Beijing-based firm has set out to be a pioneer in artificial intelligence and in recent years has invested around 15 percent of its total revenue in technology research and development. It has set up the Institute of Deep Learning and the Big Data Lab in Beijing and the AI Lab in Silicon Valley.
A group of prominent scientists engaged in its AI projects will serve as advisors to the new venture capital firm.