Baidu Inc. has hired Liu Wei, formerly a partner at Legend Holdings' venture arm Legend Star, as the chief executive officer at Baidu Ventures, an early stage investment unit it launched four months ago to back artificial intelligence, virtual reality and augmented reality projects.
Liu Wei will handle all aspects of the operations of the investment unit, which will initially seek to raise US$200 million with partial commitments from Baidu itself. The Chinese Internet giant's founder and CEO Robin Li is serving as chairman of the unit and also as chairman of its investment committee.
After joining Legend Star in 2011, Liuwei focused on investing in the technology and artificial intelligence sectors. He has invested in over 60 artificial intelligence start-ups and projects in the U.S. and China, including face recognition firm Face++, Chinese...
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