Kai-fu Lee, Google’s former China chief who recently quit the search giant, is to launch his own business next week to fund Chinese technology start-ups. Lee, described by Chinese media as the face of Google in China, said on his Twitter page that he will launch a venture business platform, via which young Chinese can get ‘angel’ funding to grow their enterprises, reported Reuters. Many technology giants such as Google and Apple were initially supported by various angel funds, where capital is usually offered to a start-up in exchange for convertible debt or an equity stake. Lee, who joined Google from Microsoft in 2005, also said he will hold a press conference today to formally announce the launch of his own business. Lee is expected to establish an investment firm with about 800 million yuan ($117.1 million) in funds to help technology start-ups grow in mainland China. Lee’s departure comes at a time when Google is inching forward in its battle with Baidu in the world’s largest Internet market by users, while fighting Beijing regulators who want Google to censor its searches.
Ex-Google China Chief to Launch Tech Start-ups Company
Lee, described by Chinese media as the face of Google in China, said on his Twitter page that he will launch a venture business platform, via which young Chinese can get ‘angel’ funding to grow their enterprises.
September 7, 2009