Source Code Capital, an early investor in ByteDance, is preparing a $300 million AI fund

Source Code Capital, an early investor in TikTok's parent company ByteDance, is preparing a $300 million artificial intelligence venture capital fund. This is the company's first major investment action since 2021. Sources say the investment amount has not yet been finalized and may change. It is reported that Source Code Capital was founded by former Sequoia China investor Cao Yi and its RMB and USD funds hold about $5 billion. In addition to ByteDance, the company has also invested in food delivery platform Meituan and electric skateboard manufacturer Niuniu.