Beijing Lingzhu Technology, a blockchain firm based in China, disclosed that it has partnered with investment companies to establish a fund of 100 million yuan — or over US$14 million — that will be used to promote blockchain adoption.
The company added that the fund will be focused on areas such as advertisement distribution and agriculture.
Liu Dahong, founder of Lingzhu Technology, published a statement on the firm’s WeChat official account revealing that the fund will help support new tech companies to promote their products and services.
“The venture capital mini-fund will finance technology companies that are integrating technologies into practical industry applications, like products and services closely related to the basic necessities of life,” said Dahong.
“The industries of agriculture, distributed advertising and university students’ innovative undertaking will be our main focus.”
The company has completed its latest funding round. Though the financial specifics were not disclosed, the round was led by Chinese investment banker Lu Hanquan, owner of semiconductor firm Hangzhou SDIC Microelectronics.
In September 2017, the company raised funds in a pre-Series A round, while it received investments from Chinese investment company ZE Capital Investment Management in another angel round.
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