A money manager to some of Hong Kong's richest people is teaming up with a former executive from China's SenseTime Group Inc. to look for early-stage investments in artificial intelligence.

VMS Group, a multifamily office with more than $4 bilion in assets under management, jointly started the venture 3C AGI Partners earlier this week with Esther Wong, who spent more than five years running strategic investments as a managing director at Chinese Al giant SenseTime.

Esther Wong Photographer: Anthony Kwan/Bloomberg

Local conglomerate billionaire families have committed about half of the targeted $150 million, according to Elton Cheung, partner at Hong Kong-based VMS. Wong, founder and chief investment officer of 3C AGI Partners, will head the fund.

This marks the latest example of money flowing into artificial intelligence after ChatGPT's launch just over a year ago drew the world's attention to the technology.

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