(Yicai Global) June 19 -- Media organization Zhejiang Daily Digital Culture Group Co. [SHA:60633] said it will invest USD73.4 million (CNY500 million) alongside Innovation Works (Shanghai) Investment Management Consulting Co. and Hangzhou Xinglu Investment Management Co. and others to set up a CNY4 billion artificial intelligence industry fund.
Innovation Works and Xinglu Capital are the fund's general partners and will co-manage it, while Zhejiang Daily Digital Culture and other participants are limited partners, the Shanghai-listed firm said in a statement on June 16.
The fund will target AI projects that have completed C-round financing and as a limited partner, Zhejiang Daily Digital Culture will receive investment income, the announcement said.
Zhejiang Daily Digital Culture said that partaking in the fund's establishment will help it get a better return on investment by taking advantage of Innovation Works' successful experience backing and operating artificial intelligence projects and aid the media company in discovering high-quality cooperative projects that could promote synergy and guide its business.
Zhejiang Daily Digital Culture had said earlier this month that it would work with well-known high-tech business incubator Sinovation Ventures to set up an AI industry-focused fund. The two parties agreed to carry out in-depth collaboration in big data, AI, cloud services and other technical fields over a five-year period.