Lenovo is launching a new 500 million startup fund

Chinese tech giant Lenovo is investing 500 million in startups after it announced a new fund. Unlike other corporates, Lenovo has a history of making deft investments. Its first fund, created in 2010 and 100 million in size, includes Israeli facial recognition startup Face, publicly listed Chinese firm iDreamsky and biometrics specialist Nok Nok Labs from the U.S. among its 40-plus company portfolio. With its second fund, Lenovo said it is looking to back companies with synergies to its businesses and, in particular, those in the cloud computing, big data, artificial intelligence, robots and other Internet services spaces. Beyond backing upcoming companies, Lenovo has also launched an incubator program for its own businesses.