Shanghai Sets Up USD1.4 Billion Fund to Fuel City's AI Ambition
Tang Shihua
DATE:  Sep 03 2019
/ SOURCE:  yicai

(Yicai Global) Sept. 2 -- Shanghai will set up an artificial intelligence investment fund with an initial target of CNY10 billion (USD1.4 billion) to further establish the Chinese metropolis as a center of AI excellence.

The money will be used to advance AI innovation, test applications of the technology, form regulations and create a talent pool to make Shanghai a pinnacle of AI development, the Shanghai Observer reported, citing a municipal government plan announced at the end of the 2019 World Artificial Intelligence Conference on Aug. 31.

Led by a consortium of state-owned enterprises such as investment company Shanghai Guosheng and private equity firms such as Yunfeng Capital, founded by Alibaba Group Holding Executive Chairman Jack Ma and China Pacific Insurance Group, the fund is targeted to eventually reach CNY100 billion.

Through a strategy of direct investment and sub-fund allocation, the AI fund will focus on core technologies and key applications to promote the interlinking and integration of different elements in Shanghai's AI sector and international top technologies. In this way it will form a highly connected industry chain and ecosystem, according to the statement.

It is planned that other leading AI companies, state-owned enterprises and state-level industrial funds will also join the fund at a later stage.

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Keywords:   Shanghai,AI,WAIC2019