BlockBeats News, August 18th - According to sources familiar with the matter, Sequoia Capital China has initiated preliminary discussions with investors on multiple funds, including its first-ever USD fund since its establishment. The sources said the investment firm is in talks to raise at least $1.2 billion for an early-stage investment fund to support companies in the AI, healthcare, and consumer sectors.

Sequoia Capital China has been led by Neil Shen since 2005. They also mentioned that Sequoia Capital China is considering establishing a growth fund, but the specific timing and size are yet to be determined. One person added that the company is also exploring a RMB-denominated fund. This fundraising will test the appeal of this long-standing China-focused investment institution. Following the split under the Sequoia brand, three entities have essentially operated independently, one focusing on the US and Europe, one focusing on China, and the third targeting India and Southeast Asia. After the split, this China branch eventually took the English name HSG and invested in AI startups such as Megvii Technology, Minimax, and Dark Matter Technologies.