China\'s ByteDance to raise about $1.45 billion for its venture fund: Report

China's ByteDance to raise about $1.45 billion for its venture fund: Report

ByteDance, one of the world's most valuable startups, is in talks to raise about $1.45 billion to invest in artificial intelligence and media content
China's ByteDance to raise about $1.45 billion for its venture fund: Report Beijing's ByteDance, one of the world's most valuable startups, is in talks to raise about $1.45 billion (9.97 billion yuan) to invest in artificial intelligence and media content, The Information reported on Friday.

ByteDance, owner of news aggregator Jinri Toutiao, is in talks with investors including major Chinese government-led funds and state-owned investment banks, the report said.

This comes after ByteDance faced mounting scrutiny from China's internet censors earlier in the year, with Toutiao temporarily taken off app stores for a cleanup in April while a separate app for jokes was permanently shut.

Building closer relationships with state-backed investors could be beneficial for ByteDance, whose apps in China have run afoul of the country's regulators, it noted.

Reuters reported in August ByteDance aimed to raise about $3 billion in a funding round, valuing the company as high as $75 billion. ByteDance said it had no comment to offer on the matter.