A US congressional panel has accused five venture capital firms, including Sequoia Capital China and Qualcomm Ventures, of investing more than $3bn in Chinese groups that support China’s military and of facilitating genocide and other human rights abuses.
The House of Representatives China committee on Thursday released the results of an investigation which found that the firms, which include Walden International, GGV Capital and GSR Ventures, invested more than $1.9bn in groups involved in artificial intelligence and at least $1.2bn in entities that help China develop its chip industry to further its “military, genocidal, and techno-totalitarian ambitions”.
Mike Gallagher, the Republican head of the panel, and his Democratic counterpart, Raja Krishnamoorthi, warned that their investigation had only captured a slice of the VC money that they believed was helping China.