Xiaomi plans to raise RMB 10 billion ($1.43 billion) in a new fund dedicated to promising startups in semiconductor, artificial intelligence, and auto electronics, and has convinced partners to contribute RMB 2.7 billion in the latest round of funding. An investment entity backed by the city government of Beijing will put RMB 2 billion into the fund, among other investors including software company Kingsoft and memory chipmaker GigaDevice, according to a March 2 regulatory filing published by Hong Kong-listed Kingsoft. Xiaomi launched the fund in late 2021, raised RMB 6.3 billion in the first round of capital commitments last July, and has invested in multiple auto chipmakers and electric vehicle battery startups. [Caixin, in Chinese]
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