Angel Plus, a Chinese angel investment fund co-established by the founder of Chinese education giant New Oriental Education, has launched its first U.S. dollar fund with a US$100 million target.
The new vehicle will focus on backing U.S. technology start-ups in the artificial intelligence, big data, financial technology, Internet security and smart hardware sectors.
The Angel Plus USD Fund will seek to support those with unique technology entry barriers in Silicon Valley, Boston and elsewhere in the U.S.
"New Oriental helped many talented Chinese youth realize their dream of studying abroad, many of whom came to the U.S. and stayed here in Silicon Valley," Yu Minhong said at a launch event held in the U.S. technology heartland. "Our U.S. dollar fund will help those dreamers to integrate resources in the U.S. and China and realize bigger dreams."
Chinese Internet companies attracted US$20.3 billion in venture funding in 2015, for the first time surpassing U.S. counterpart, which collected US$16.3 billion, according to Chinese media reports.
China has one billion smartphone users, making it the largest mobile Internet market in the world.
"China has been the most ardent copycat and follower of Silicon Valley in the past," said Sheng Xitai, co-founder of Angel Plus and formerly CEO of Huatai United Securities. "But in the age of mobile Internet, China will no longer be a follower. Combining advantages in both markets will be the way to lead innovation going forward."