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China Everbright, AIoT firm Terminus raise additional $305m for smart city fund
Smart City
April 1, 2021
CEL AI Economy Fund, jointly set up by financial conglomerate China Everbright Limited (CEL) and its technology platform Terminus Technologies, has raised another 2 billion yuan ($304.7 million) to launch its Fund III for investments in smart city solutions.
The new capital commitment came from the local government of southwestern China’s Deyang City, Sichuan Province, China Everbright announced in a WeChat post on Wednesday.
CEL and Terminus had introduced their plans of creating a series of RMB- and USD-denominated funds under the name “CEL AI Economy Fund” in August 2020, targeting to garner a combined 10 billion yuan ($1.5 billion). The two companies said that the fund series had already collected 7 billion yuan from institutional investors.