WI Harper Group has teamed up with Luxin Venture Capital Group and Shandong Leader Equity Investment Fund to launch a cross-border fund focused on investing in start-ups in the U.S. and China, the firms announced.
No financial details are disclosed, and it's unclear if the cross-border fund will raise outside capital.
The fund will invest in cutting-edge start-ups in the areas of robotics, artificial intelligence, virtual reality, augmented reality, autonomous vehicles, big data, cloud computing, healthcare IT, medical devices and biotech sectors.
The vehicle is established in accordance with China's national policy of growing and further improving its technology infrastructure, according to the announcement.
"In the last 20 years, WI Harper Group has devoted itself to driving cross-border economic growth through investing in innovative start-ups," said WI Harper's chairman Peter Liu.
"We demonstrated this in China by identifying and licensing core telecommunication technology from the U.S., establishing a joint venture with a Chinese state-owned enterprise, which eventually paved the way to the launch of China's 3G standard," he added.
Shanghai-listed Luxin Venture Capital Group manufactures non-metallic mineral products including abrasives and abrasive tools, as well as ceramic products and pharmaceuticals, in addition to an investment management business.
"Exploring global opportunities has been an area of interest for Luxin," added Luxin Group chairman Binchang Ji. "WI Harper Group is one of the first Venture Capital funds to have an unique cross-border angle. Additionally, our visions are aligned in helping China develop its economy by bringing the best talent and innovation into China."