TCL plans to invest $25m in new VC fund
SHENZHEN - China's leading home appliance manufacturer TCL Corporation plans to invest $25 million in California-based venture capital fund Sierra Ventures XII, LP, according to a company announcement.
The investment will be made through its holding subsidiary Li Rong Development Limited and be directed towards fields including cloud services, Internet of Things, AI robotics, VR and cybersecurity.
It is expected to promote the global development of TCL's core technological strategy and accelerate the transformation process of TCL into a high-tech conglomerate, the company said.
TCL has been cooperating with Sierra Ventures since 2012, and has invested a total of $37 million in two previous funds.
Founded in 1981, TCL has grown into a multinational in smart product manufacturing and internet application services. The company has 70,000 employees, with operations in more than 160 countries and regions around the world.
