Baidu to Launch $145M VC Fund for AI-focused Startups in China
In Brief
Chinese tech giant Baidu is set to launch a $145 million VC fund to back AI-focused startups in China.
The fund will focus on companies building AI products such as speech recognition, natural language processing, and more.
Today, Chinese tech giant Baidu revealed plans to launch a $145 million VC fund to back AI-focused startups in China, according to a Reuters report.
Likely to be launched under Baidu Ventures (BV), the fund will focus on companies building AI products such as speech recognition, natural language processing, and more. Baidu Ventures currently manages five USD and RMB funds with a scale of over $700 million, with an aim of becoming a world-class VC in the AI era.
“We believe that AI is the next big wave of innovation, and we want to be at the forefront of this revolution. By investing in AI start-ups, we can help to accelerate the development of this technology and bring its benefits to a wider range of people,” said Baidu CEO Robin Li.
Baidu Ventures is currently focusing on early-stage AI-based tech companies. BV has already invested in more than 100 companies spanning new energy vehicles, life sciences, corporate services, smart cities, semiconductors, smart industries, and the Internet of Things. Some of BV’s portfolio companies include AI research & development solution provider RealAI; AI technology-based industrial security solution provider AI Prime; and Aqrose Technology, an industrial AI platform developer for computer vision and core robotics technology.
In addition to the fund, Baidu will also launch a competition for developers to build applications using the company’s ERNIE large language model (LLM) or integrate the model into their existing products.
In March, Baidu unveiled its own AI-powered LLM ERNIE. Other Chinese companies, including Alibaba, Tencent, and SenseTime Group, launched their own generative AI services shortly after. Last week, CEO Robin Li said that Baidu could launch its LLM chatbot ERNIE 3.5 “very soon.”
Per a report by China’s state-run institutes, Chinese companies have launched 79 LLMs since 2020 as the country doubles down on AI algorithm development. Due to U.S.-led export controls, China faces challenges accessing semiconductors necessary to train LLMs.
The Chinese government has been monitoring the growth of LLMs in the country. Last week, the Cyberspace Administration of China released the draft “Measures for Generative Artificial Intelligence Services” to mitigate the risks and misuse of AI technologies while encouraging AI innovation that aligns with China’s core values. The draft is likely to pass later this year.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
