Leaving Google, Executive to Back Chinese Start-Ups
SHANGHAI — Three days after announcing that he was resigning as the head of Google’s Chinese operations, Kai-Fu Lee said on Monday that he had raised $115 million to create a company that would finance high-tech start-ups in China.
The company, Innovation Works, will search for talented Chinese engineers and entrepreneurs and help them develop the next generation of Internet and mobile computing technologies, Mr. Lee said in an interview by telephone.
“We’re going to collect the best ideas, and we’re going to hire the best engineers and entrepreneurs,” he said. “After one year, we’ll send the companies into the open. If they get venture capital funding, great; if they don’t, they won’t live.”
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