SINGAPORE - Singapore-based smart city investor GBCI Ventures has launched a US$100 million (S$136 million) development fund for technologies such as robotics, artificial intelligence and virtual reality.

The fund, unveiled on Wednesday (Jan 23), is backed by corporate capital, family offices and high net worth individuals, among other sources, a spokesman told The Business Times. It does not have a close date.

This is the first fund from GBCI, which was set up in late 2018. GBCI, which is already in talks with about 50 start-ups, said that it aims to help nurture a smart cities ecosystem by providing start-ups both regional and global with support such as technology access and go-to-market support, on top of fund injections.

Douglas Gan, chief executive and co-founder of GBCI, said: "Our vision is to empower companies that can contribute to the development and building of sustainable smart cities for future generations."