The smartphone maker has launched a $29m VC and consulting business subsidiary based in the Chinese city of Chongqing.

China-based consumer electronics manufacturer Xiaomi has set up an RMB200m ($29m) venture capital and consulting firm called Chongqing Xiaomi Venture Capital, according to data provider Tianyancha. Xiaomi is the sole backer of the subsidiary, which is based in the Chinese city of Chongqing, and whose legal representative is the corporateā€™s chief financial officer, Shou Zi…

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