Alibaba Entrepreneurs Fund Launches $150 Million Artificial Intelligence Fund

In investment news, on December 17th, on the occasion of its 10th anniversary, Alibaba Hong Kong Entrepreneurs Fund (AEF) announced the establishment of a new $150 million AEF NextGen Fund, which will be managed by Alibaba Hong Kong Entrepreneurs Fund's investment team, NextGen Partners, and will focus on investing in artificial intelligence startups.

The AEF NextGen Fund will focus on investing in startups that use AI to solve structural problems, primarily in industries where AI can be deeply applied, including financial services, consumer retail, healthcare, construction and real estate, and arts and entertainment. The fund will also target growth stage companies with certain product market fit, providing them with the network of resources and expertise needed for global expansion.

Ms. Maggie Chow, CEO of Alibaba Hong Kong Venture Capital and Partner of NextGen Partners, said, “The development of artificial intelligence has always been one of the key areas of focus for Alibaba Hong Kong Venture Capital, and the industries that the AEF NextGen Fund focuses on are important pillars of Hong Kong's economy. support the continued deep growth of these industries to remain globally competitive.”

Mr. Dennis Ho, Partner of NextGen Partners, added, “Artificial Intelligence is undoubtedly disrupting business models around the world, and AEF NextGen Fund is focusing on investing in a diverse set of AI start-ups around the world to fully capture AI adoption solutions in China and globally. As an investment manager, our real strength lies in our ability to gain AI technical and operational insights from Alibaba Group, as well as business development opportunities within reach of the Alibaba network, to support the growth of the companies in our portfolio. By working closely with stakeholders such as Cyberport, Hong Kong Science and Technology Parks Corporation (HKSTP) and Hong Kong-Shenzhen Innovation and Technology Parks Corporation (HSITP), we are committed to leveraging Hong Kong's position as a “Super Connector” to assist AI startups in Mainland China in expanding into overseas markets as well as facilitating overseas AI startups to expand into overseas markets. We are committed to leveraging Hong Kong's position as a “Super Connector” to assist AI startups from Mainland China to expand into overseas markets, as well as to facilitate overseas AI startups to enter the Greater China market.

According to the official website, the Alibaba Hong Kong Entrepreneurs Fund is a visionary program launched by Alibaba Group in 2015, which provides funding and business strategy guidance to Hong Kong entrepreneurs to help them expand their business through the Alibaba Group's ecosystem, as well as enter the Mainland China and global markets.