Baidu Announces 20 Billion Yuan Investment Fund for Tech Projects

(Beijing) — Search-engine giant Baidu Inc. announced a new 20 billion yuan ($3 billion) fund to invest in internet technology projects, as it seeks innovative ideas to broaden its revenue streams.

The company said on Wednesday that the new fund, called Baidu Capital, will focus on mid- and late-stage technology deals in the internet sector, with investments ranging from $50 million to $100 million.