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Temasek startup fund raises $70m from Japan's Marubeni and SMBC

Fund will invest in AI ventures in such countries as India and China

Temasek's venture capital arm, Vertex, was an early backer of ride-hailing provider Grab.   © Reuters

SINGAPORE -- Japan's Sumitomo Mitsui Banking Corp. and trading house Marubeni are investing a total of $70 million in a new fund linked to state-owned Singaporean investment group Temasek Holdings, aiming to nurture Asian technology startups.

ABeam Consulting and the government-backed Development Bank of Japan are also chipping in to the fund launched by Temasek venture capital arm Vertex Venture Holdings. Japanese investors are putting up $180 million in all -- roughly a quarter of the $730 million in total funding.

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