Oxford-based Rockley Group, founded by brothers Andrew and Robert Rickman earlier this year, aims to raise $100 million (£66 million) in conjunction with the government-owned Shandong High-Tech Investment Corporation (SDHTIC). Rockley and SDHTIC have each committed $10 million to the fund.

Andrew Rickman says, ‘There is continuing strong demand for sustainable technological solutions to support economic growth in China. Through the Rockley Shandong initiative, our investors will have access to very high quality deal flow from growing technology companies with products and services to meet that demand.’

The joint venture will help Shandong Academy of Sciences, a research institute with more than 2,000 staff, to spin out businesses in the north-eastern province. It will also invest in established companies, with a particular focus on cleantech, IT, healthcare and industrial goods.

Rockley Group is to appoint a ‘prominent entrepreneur’ as CEO of the fund management team it has assembled in the provincial capital, Jinan.