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INTEL has given its China operations a major shot-in-the-arm, announcing the creation of a second China-focused venture capital fund worth US$500 million (A$541 million).
The company said its global investment arm, Intel Capital, had launched the China Technology Fund II with the aim of targeting opportunities in wireless broadband, media, telecommunications and ‘clean tech’ ventures.
Intel established its first China Technology Fund – a US$200 million commitment – in 1998, and since then has invested in 70 local technology ventures.
“The establishment of our China Technology Fund II, which is more than double the size of the original China Fund, is the ideal way to celebrate 10 years of Intel Capital activity in China's vibrant economy,” Intel Capital president Arvind Sodhani said.
“Since 1998, Intel Capital has invested in more than 70 companies across China and Hong Kong. We aim to foster innovation and local entrepreneurship, while enriching the technical capabilities and global competitiveness of technology companies in the region.”
The second fund makes Intel Capital one of the largest venture capital investors in the China market. The company has backed local Chinese start-ups including HiSoft Technology International, Legend Silicon, Kingsoft and the Neusoft Group.
“Intel Capital expects to further increase our investment in China by pursuing business opportunities and participating in larger deals with an eye on leading rounds,” Intel Capital Asia Pacific managing director Cadol Cheung said.
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