Foxconn and IDG Seeking $1.5 Billion for Car Tech Fund
- Apple supplier and VC outfit are said to team up on investment
- They’re said to be exploring a broad swath of technologies
Foxconn Technology Group and venture firm IDG Capital are seeking to raise a 10 billion yuan ($1.5 billion) fund to seed startups in automotive technologies from self-driving AI to battery development, according to a presentation for investors.
Foxconn and IDG initiated talks with government-backed funds, financial institutions and financiers several months back, according to a document presented to potential investors seen by Bloomberg. Under their plan, the iPhone assembler and IDG will put in 10 percent of the money to be raised, while both firms will delegate executives with experience in everything from robotics to acquisitions to run the fund. The funding effort remains underway, people familiar with the matter said, asking to not be identified as the matter is private.