Chinese media software company ByteDance is in talks to secure $1.45bn for its first ever venture fund, it has been reported.
According to The Information, potential investors may include some major Chinese government-led funds and state-owned investment banks.
The fund will centre around AI and media content and it is hoped it will help build relationships with startups and help the company to explore new technologies.
ByteDance became the world’s most valuable startup earlier this year, with a current value of around $75bn. It owns around 10 apps including TikTok, having purchased popular app musical.ly and merged it with TikTok earlier this year to bring together around 600mn users.