AEF launches US$150m venture fund to scale AI startups globally

The fund is managed by AEF’s investment arm, NextGen Partners.

Alibaba Hong Kong Entrepreneurs Fund (AEF) has launched a $1.1b (US$150m) venture fund that invests in startups leveraging Artificial Intelligence (AI) to enhance their competitive edge.

Managed by AEF’s investment arm, NextGen Partners, the AEF NextGen Fund will help startups use AI to solve structural problems in sectors such as financial services, consumer retail, healthcare, construction and properties, and arts and entertainment.

The fund will provide resources and expertise to companies with product-market fit, to help them scale globally. 

In addition, NextGen will collaborate with Cyberport, Hong Kong Science and Technology Parks Corporation (HKSTP), and the Hong Kong-Shenzhen Innovation and Technology Park (HSITP)  to assist AI startups from Mainland China expand overseas and support overseas AI startups entering Mainland China.

“AI is disrupting how business is conducted worldwide. With a global mandate, the AEF NextGen Fund is uniquely positioned to capture value creation from the application of AI in China and around the world,“ Kenny Ho, partner of NextGen Partners said.