The Inner Mongolia Shengmeng Venture Capital Fund Center was launched on Dec 18 in Horinger New Area -- in Hohhot, capital city of North China’s Inner Mongolia autonomous region -- marking the first venture capital fund to be set up in the area, according to a report in the Hohhot Daily.

The venture capital fund was co-founded by Inner Mongolia High-end High-tech Industry Investment Co and Certain Capital.

Officials said it aims to further support the development of strategic emerging industries, solve the funding problems of potential unicorns -- mega-sized new companies -- and high-tech businesses.

They said it also aims to promote the rapid industrialization of scientific research results.

The fund will strive to help the new area quickly attract a large number of innovative enterprises, offering  funding from private equity venture capital funds and industrial resources.

Officials said the first phase of the fund is worth 50 million yuan ($7.13 million).

They said it will focus on investing in new-generation information technology.

The areas under focus include artificial intelligence, big data, cloud computing and internet plus. Also being looked at are consumption upgrading areas including entertainment, education, health and medicine.

The funding will promote the area's innovation and entrepreneurship and industrial transformation and upgrading, officials added.

The fund’s first investment were to back Inner Mongolia Aiyangniu Technology Co -- a business that is developing a dairy industry big data platform -- and Inner Mongolia Dingming Ecological Technology Co, which is developing a green ecological livestock industry chain.