In a major step towards solidifying its position as a global leader in artificial intelligence, Shanghai has launched two funds with an initial investment of CNY1 billion (USD140.8 million) each. 

The funds are aimed at advancing embodied intelligence and large language models (LLMs), key areas of AI development.

The Shanghai Embodied Intelligence Fund, established by Shanghai State-Owned Capital Investment and Pudong New Area, is backed by cornerstone investors including the Shanghai State-Owned Assets Mother Fund, Zhangjiang Group, and Pudong Venture Capital. This fund will focus on robotics, autonomous driving, sensor technology, and related supply chains.

Meanwhile, the Shanghai LLM Fund, created by Capital Investment and Shanghai State-Owned Investment Fund, will invest in foundational and vertical industry models. Its goal is to foster technological innovation and establish Shanghai as a globally influential AI hub, driving the development of a leading AI industrial cluster.