The corporate venturing unit's third fund, its second in renminbi, will make investments in artificial intelligence and big data-oriented companies.

Baidu Ventures, the corporate venturing subsidiary of China-based internet group Baidu, has closed its second renminbi-denominated fund after raising almost RMB2bn ($318m), China Money Network reported today, citing a company WeChat post.

In addition to capital from Baidu itself, the fund has secured commitments from external limited partners. Although their identities have not been disclosed, they include industrial firms and a government-owned entity.

Baidu Ventures focuses on artificial intelligence and big data technology developers, generally investing between seed and series…