By Li Panpan

Eastern China’s Anhui Province approved the plan of its AI-themed fund of RMB6 billion ($0.84 billion), the first such fund for the emerging industry in the province, JW Insights reported.

The fund was led and established by the Anhui Provincial Department of Science and Technology and announced on September 23. The fund will set up sub-funds for social capital to invest in market-oriented projects, attracting outstanding AI talents and high-quality projects to land in Anhui, with a proposed total of RMB30 billion($4.18 billion) in five years.

The fund has reserved 40 projects, completed the due diligence of 10 key projects, and partnered with five leading investment institutions to set up sub-funds with a subscription scale of RMB10 billion($1.39 billion).