Beijing (ZXZC)- Bosch set up a new capital firm for deep science investment in China as part of its efforts to expand its business in the market, the biggest auto parts supplier announced today.

photo credit: Bosch

Meanwhile, the new company, named Boyuan Capital, also established its first RMB fund, which, with a target scale of RMB1 billion ($154.83 million), has received investment from such industry investors as Robert Bosch Venture Capital GmbH and Weifu Group in the first raising round.

The primary investment directions of Boyuan Capital include vehicle and mobility service, intelligent manufacturing, IoT, artificial intelligence, semiconductor, and carbon neutralization. Currently, the firm is focusing on companies with growth potential.

The company is led by Dr. Jiang Hongquan, investment partner at Robert Bosch Venture Capital GmbH, Michael Zhu, managing partner at Gobi Partners China, and many other experienced investment professionals.

Dr. Chen Yudong, president of Bosch China, said Bosch is consistent in its "local for local" long-term development strategy, dedicated to bringing innovative products and solutions to the Chinese market. The establishment of Boyuan Capital will undoubtedly make Bosch more efficient and flexible in the country's deep science territory, the president added.