An industrial fund for big data development is currently being set up in Guizhou, China.
The government of Guizhou province has announced it is establishing an industrial fund set to be worth $470mn over the next few years. The fund will use capital from corporations and be divided into a number of sub-funds for various big data projects.
Currently, the fund has $8mn invested and is expected to grow to $31mn by the end of 2018.
China Money Network reports that Guizhou currently has 1,200 big data enterprises based in the province with a combined revenue of about $12.6bn. Tencent and Alibaba both have data centres based there.
Various regions in China are busy establishing themselves as technology hubs, including Guangzhou which hosts Sinovation Ventures’ AI fund, and the city of Tianjin, which is setting up an AI development fund to be worth $16bn.