Ex-Google China chief to fund tech startups

Lee Kai-Fu, former head of Google’s China division who quit last week, said Sunday he will launch a new business to fund Chinese technology start-ups, Reuters reported. According to his Twitter page, Lee plans to create a venture capital investment platform that will focus on providing "angel funding" to young Chinese entrepreneurs in the internet, mobile commmunications and information technology sectors. An unnamed person familiar with Lee’s plan told the South China Morning Post that Lee’s new investment firm, Innovation Works, will rely on US$117.1 million in funds to make the investments. Lee, known as an author on careers and education, also plans to publish a new book called "Making a World of Difference: The Kai-Fu Lee Story."