Optics Valley establishes over 6 new industrial funds

Hubei Radio and Television Information Network Co and Optics Valley Financial Holdings Group recently reached a strategic cooperation agreement to jointly establish a cultural and digital industry fund worth 1 billion yuan ($137.72 million), aiming to support the development of cultural and technological innovation-oriented enterprises and promote the integrated development of cultural and technological industries in Hubei province.

The fund will start by allocating an initial 400 million yuan. Both parties will focus on investing in industries involving digital economy and the integration of culture and technology. They will also seek to incubate and explore entities or projects with core technologies and capabilities such as digital content production, data asset operation, digital cultural creativity, cultural IP development, and network information technology as investment targets.

The Optics Valley of China. [Photo/WeChat account of Optics Valley of China]

The fund will drive the digital construction in the cultural industry in areas such as cultural data collection, processing, trading, distribution, and presentation, as well as the activation and intelligentization of cultural data. At the same time, it will lay out an industrial model featuring the integration of culture, technology and digital economy, so as to cultivate and incubate a series of unicorn projects and further strengthen the ecosystem of the digital economy.

According to statistics, over six new angel investment funds and industrial investment funds have been established in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) in the past 20 days, including the Qualified Foreign Limited Partner (QFLP) fund –Changfeng No 1 Industrial Investment Fund and Hubei's first quantum technology industry fund – OVC Xinguang Quantum Technology Investment Fund.

In recent years, OVC has been focused on building a fund cluster featuring guidance by government investment funds, the widespread participation of social capital and the gathering and development of various fund managers. OVC has participated in the establishment of 71 government investment funds, with a total paid in funds of 255.5 billion yuan, and invested in 922 science and technology innovation enterprises in the high-tech development zone.