The Russia-based conglomerate is partnering Tsinghua University's business arm and putting up 30% of the capital for a fund that will be sized at up to $100m.
Russia-based conglomerate Sistema and TUS Holdings, the enterprise arm of China’s Tsinghua University, have combined for a $100m venture capital fund, Vedomosti has reported.
The fund will be situated in Beijing, China and will invest in companies based in China, Russia and Southeast Asia that are developing technology for the cloud and network IT, biomedicine and internet of things sectors.
Sistema will contribute 30% of the capital, while TUS will supply 70%. A source told Vedomosti that a final amount to be provided for the fund has not been finalised but that its size will not exceed $100m.
The establishment of the fund follows Sistema’s $50m commitment last month to Sistema Asia Fund, which will support India-based startups.
– This article first appeared on our sister site Global Corporate Venturing.
