Mizuho Capital and Neostella Capital, a venture capital company sponsored by Mizuho Securities and Dai-ichi Life Insurance, provided the money to Locondo.

In May last year, Dianping raised $100m in its series C round at a $1bn valuation.

The Ping An Innovation Center is the first fund established by a major financial institution in China, the company said.

Steamboat Ventures, the corporate venturing unit of US-based media group Disney, is reportedly targeting a first close of its planned $200m fifth fund.

In September, US-based mobile devices manufacturer Motorola Mobility invested an undisclosed amount in Ooyala through its corporate venturing unit, Motorola Mobility Ventures.

Intel Capital, the corporate venturing unit of US-based chip maker Intel, has invested an undisclosed amount in Beijing ZZNode Technologies, a China-based IT operations management software and services provider.

The supplier's Beijing Origin Seed subsidiary and HAU have jointly established the SK Wu Corn Research Institute for this research exchange.