(Yicai Global) Sept. 11 -- Chinese Academy of Sciences, the highest institution of scientific research in China, is to set up a science and technology achievement transformation fund to focus on the investment in early and mid-term projects for cutting-edge technologies, reported the Science and Technology Daily.

Through the approach of "FoF (fund of funds) and direct investment", the fund will focus on cutting-edge technology projects in the early and midterm stage, revealed Yan Qing, head of the Bureau of Science & Technology for Development, Chinese Academy of Sciences. The first phase of the fund will be kicked off through raising CNY500 million (USD76.6 million) by CAS Holdings, an affiliate of Chinese Academy of Sciences, Yan Qing continued.

The move of Chinese Academy of Sciences aims to utilize its advantages to strengthen the weaknesses of science and technology funds in the society, support a number of results transformation projects in the early and midterm stage, and guide and promote scientific and technological personnel to join the tide of innovation and entrepreneurship.

Yan Qing pointed out that although Chinese Academy of Sciences used to involve in the operation of some funds, the investors paid more attention to mature technology while seldom caring about cutting-edge technology projects in the early and midterm stage which are in urgent need of funds.