Baidu Venture to bet on AI and VR firms

Baidu Inc said on Tuesday that it has launched its first venture capital firm focusing on artificial intelligence - the Chinese online search behemoth's latest effort to stake out a spot in the burgeoning technology field.

Called Baidu Venture, the new company will focus on early-stage projects in artificial intelligence and other next-generation technologies, such as augmented reality and virtual reality, according to a statement from Nasdaq-listed Baidu.

Robin Li, Baidu's chief executive officer, is the chairman of the venture capital firm. For its first stage, the firm is equipped with an initial investment fund of $200 million.