Chinese search engine giant Baidu has just launched a $3 billion Internet-focused investment fund.
Baidu Capital will invest $50m to $100m in mid and late stage Internet companies. The fund is to be raised among several institutional investors including large insurance funds, securities firms, a number of professional organizations of the parent fund, and some government-backed investment institutions.
The announcement, made on October, 12, 2016, followed the establishment, about a month ago, of Baidu Venture, a $200m fund focused on supporting technological innovations in the field of early stage artificial intelligence, virtual reality startups.
Baidu, Inc. is a Chinese language Internet search provider which serves individual search users and offers a platform for businesses to reach potential customers. The company’s ADSs trade on the NASDAQ Global Select Market under the symbol “BIDU”.