On July 6, the Digital Intelligence Empowers Intelligent Connected Industry Forum, a special session of the Global Digital Economy Conference 2023, was held in Beijing Economic-Technological Development Area (Beijing E-Town).

With the theme of “Building a New Pattern for the Digital Era and Stimulating New Vitality of Intelligent Connected Industry”, the forum brings together cutting-edge technology applications and forward-looking product exhibitions in the fields of big data, cloud computing, 5G communication, artificial intelligence, and the Internet of Things.

During the event, a venture capital fund for Beijing intelligent connected vehicle industry was officially launched.

Zhang Peng, general manager of Beijing E-town International Investment & Development Co., Ltd. (E-Town Capital), as well as officials from the Beijing Science & Technology Innovation Fund, Xiong'an Fund, Belt and Road ESG Fund of China Everbright Bank, and the Beijing E-Town Institute of Intelligent City, attended the launch ceremony.

After the ceremony, the Beijing High-level Autonomous Driving Demonstration Zone Office signed agreements with the first batch of four enterprises with investment intention, including Beijing Rock-AI Intelligent Driving Technology Co., Ltd..

This venture capital fund, approved by the Beijing Municipal People’s Government and initiated by Beijing E-Town, aims to promote the development of the intelligent connected vehicle industry in Beijing.

The fund, with a target size of 2 billion yuan ($ 276.54 million) and an initial size of 500 million yuan, has been established with investment from E-Town Capital FOF and the Beijing Science & Technology Innovation Fund as cornerstone investors, along with contributions from the Beijing E-Town Institute of Intelligent City and other social capital. It is managed by Beijing E-Town International Industrial Investment Management Co., Ltd., a subsidiary of Beijing E-Town Capital.

The fund has a term of eight years and will primarily invest in automotive chips, vehicle-road-cloud-maps, autonomous driving solutions, and in-vehicle sensors.