China’s Baidu sets up $3 billion internet investment fund

By Paul Carsten BEIJING (Reuters) – China's Baidu Inc said on Wednesday it has established a 20 billion yuan ($3 billion) investment fund, Baidu Capital, as the country's dominant search engine seeks a way to remain relevant in the smartphone era and beyond. Investments will focus on mid- and late-stage deals in the internet sector, in Chinese yuan, U.S. dollars and other currencies, with individual funding amounts ranging from $50 million to $100 million, the company said on its official WeChat mobile messaging account. For Baidu, the need to future-proof the company and hold onto users by finding new technologies is becoming more pressing.

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