Asia Tech Wire (June 20) -- A vice mayor of Shanghai said the city's artificial intelligence industry fund has pried up an investment scale of 57.2 billion yuan ($7.9 billion).

The Shanghai municipal government held a press conference on Thursday to introduce the progress of preparations for the World AI Conference and the High-level Meeting on Global AI Governance 2024.

Chen Jie, vice mayor of Shanghai, revealed that the "Shanghai Artificial Intelligence Industry Investment Fund" has raised a cumulative total of 3.1 billion yuan, and the fund of funds (FOF) has partially invested in 12 sub-funds such as Hongshan and MiraclePlus, prying up an investment scale of 57.2 billion yuan.

Chen said that the scale of Shanghai's artificial intelligence industry has reached 380 billion yuan, and 34 large models have won approval.