Baidu sets up venture capital firm for innovation in artificial intelligence

Baidu Inc announced Tuesday that it will set up an independent venture capital firm to focus on investing in early-stage high-tech innovative projects related to artificial intelligence (AI), augmented reality and virtual reality, according to media reports.The company, named Baidu ­Venture, has received the first round of funding of $200 million, ­chinanews.com reported on Tuesday.Baidu CEO Li Yanhong will serve as chairman of the firm and of its investment committee. He will participate in the review and assessment of the projects, said the report.Baidu Venture will operate independently from Baidu, with innovative assessment mechanisms to accelerate the decision-making process and boost the company’s investment efficiency, domestic news portal ­leiphone.com reported on Tuesday.Leading AI scientists, including those in Baidu, will be invited to serve as consultants, leiphone.com noted.It is another milestone…


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