The Chinese technology conglomerate Kuang-Chi has announced the creation of a $50 million innovation fund based in Israel for investment in Israeli and global companies. The company says it plans to grow the fund to $300 million within the next three years.

“Israel has unparalleled capabilities to offer the world,” Dr. Ruopeng Liu, the group’s chairman, said in a statement. “You share with Kuang-Chi a special mindset and vision. We intend to invest in the best local companies in the fields of biometrics, communications, robotics, and AR, and to take them to the next level commercially and technologically.”

Kuang-Chi says it will make its full corporate resources, from sales and marketing to technology collaboration and joint development, available to the companies in which it invests. A senior Kuang-Chi delegation led by Liu, including representatives of Chinese media outlets and company executives, will visit Israel in early May to formally announce the fund and to meet with high-level government officials and industry leaders.

(via Israel21c)

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