Cybernaut China, Zhejiang province set up RMB 650 mln funds

Cybernaut (China) Investment, one of the pioneering investment funds in China focusing on consumer and services sectors, has set up two venture capital funds worth RMB 400 million and RMB 250 million each in co-operation with the venture capital guidance funds under the Zhejiang provincial government.

The venture funds will be used in clean energy and health care projects, according to a company source.

With about US$250 million of foreign currency assets under management, Hangzhou-based Cybernaut China was jointly founded by the U.S.-based New Enterprise Associates and its venture partner.