Artificial intelligence has gathered much attention all over the world including the China and US.
Artificial intelligence has gathered much attention all over the world including China and the US. It has emerged as a key source of the innovation, talent, and companies. When some AI firms are heading towards the USA, China is trying to get the maximum benefits of this developed term. China will be funding the overseas companies.
A China-based accelerated firm known as the COMB+ is planning to launch $77 million funds to help the promising international firms to start the business in the Middle Kingdom.
The announcement came from Slush in Helsinki this week. The firm has launched Sino Track Accelerator Program last year to help the early-stage firms inside China. This will be the second step.
CEO Leo Zhu did not reveal any confirmed LPs. But he made it clear that the fund is backed by some government and private institutions including the big corporates, private enterprises, and government funds.
The CEO hopes to create interest in LPs in Finland. That was the objective of the fund and Sino Track. In fact, around nineteen startups from the Nordic region have already expressed interest in this program. The region was also under the radar for such investment.
As said by Zhu, they admire the advanced technology of Finland. They have the huge market in China and they want to use those advanced technologies there to get the profits.
Besides, the fund can create a new hope for the China-Finland collaboration policies that will also include the technology cooperation.
According to the deal, COMB+ wants a typical check size of $1.2-$2.4 million with the available follow-on capital. In addition, the individual investments will be $6 million per deal, said by Zhu.
They are interested in the startups. They also want a proven business model in their local market. They will inspire those who are interested in the Chinese market. As said by the CEO, they can offer more help to upgrade the technologies to apply them in the Chinese market.