Chinese artificial intelligence company iFlytek is seeking to raise a $300m-$350m fund to invest in AI start-ups to bolster its domestic ecosystem in the face of fears the US intends to impose a digital “iron curtain” between itself and China.
Luo Yi, a founding partner of ShangCap, which is managing the new US dollar fund on behalf of iFlytek, said the company planned to raise the money worldwide but US investors were not expected to participate.
“We are unlikely to get funding from the US,” said Mr Luo. The US was imposing “an iron curtain on technology from China”, he added. “Instead, we are targeting Asian and Mideast sovereign wealth funds. We are looking to invest both in apps and hardware.”
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