Corporate-backed asset management vehicle Raystone Capital will invest in artificial intelligence developers through the fund, which secured capital from several state-owned funds.
Raystone Capital, the investment arm of China-based mobile games developer Raystone, has closed its latest growth fund at RMB1bn ($148m), China Money Network reported today, citing a spokesperson for the firm.
State-backed venture capital fund National Venture Capital Fund for Emerging Industries is a limited partner in the entity, as are funds backed by the city of Shenzhen’s municipal government, with the government-owned vehicles contributing 25% of the total.
Shenzhen Longgang District Venture Capital Guiding Fund and Shenzhen government-backed fund-of-funds Kunpeng…
