GSR Ventures, the China partner of US venture capital firm Mayfield Fund, said it has raised US$383 million for a new fund that will focus on China’s tech sector, Reuters reported. The GSR Ventures III fund will invest in tech-related sectors such as internet, wireless, green technology and semiconductors. GSR Ventures also announced its first investment by the newly-formed fund, an equity stake in Shanghai-based online gaming firm iLemon Group. iLemon focuses on technology related to 3D for the virtual world. No further details of the deal were provided.