China to invest heavily into European and US tech startups, reports Bloomberg

By Julien Happich eeNewseurope, May. 15, 2017 – With offices in Silicon Valley, London, Shenzhen, and Beijing, China-backed Silk Ventures announced it aims to invest up to $500 million into U.S. and European technology startups, with a particular focus on fintech, artificial intelligence, medical technologies and startups specializing in related sciences.

Of the $500 million raised by Silk Ventures, half comes from SASAC, the State-owned Assets Supervision and Administration Commission of the State Council, which supervises and regulates state-owned enterprises in China, reports Bloomberg.

The remaining half of Silk's fund has been raised from a group of investors the company declined to identify. It said in a statement that it will announce its first investments in July. The company launched an accelerator based in London's Canary Wharf in 2015, which provides support to China-focused startups.

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