Lenovo sets up fund for startups

Lenovo Group Ltd announced on Wednesday the establishment of a $500 million investment fund, seeking new growth points as the world's largest personal computer maker is wrestling with a declining global demand for PCs and a faltering smartphone business.

The fund, solely financed by Lenovo, will be used to finance startups in cloud computing, big data, artificial intelligence, robotics, Internet Plus and other emerging sectors.

Yang Yuanqing, chairman and CEO of Lenovo, said the new investment unit, Lenovo Capital and Incubator Group, will help the company find the biggest commercial opportunities in the next decade.