China's venture capital firm Qiming Venture Partners secured $648 million funds in total from investors, including Princeton University and Duke University. That makes this funding Qiming's fifth U.S dollar venture capital fund, also, its largest fund ever received.

According to PR News Wire, this fund would help Qiming continue its strategy of funding innovations in China. The firm had helped fund as many as 160 outstanding Chinese entrepreneurs in various sectors, including Information Technology, Internet and Consumer, Healthcare, and Cleantech.

Qiming's fifth funding is also the eighth largest China-based fund, as reported by Bloomberg. Rieschel, the firm's founding partner, explained the firm's focus on funding. "The vast majority of juice in the economy is coming from private companies. If you can find and invest in private companies early that have technology that can become pervasive, or is plain unique technology that hasn't been developed anywhere else before, then those should be bringing good financial returns," Rieschel stated. Among its over 160 investments, most of it were done in early stage companies and others in expansion stage.

Rieschel described the funding move as a bet. "It's a bet on the entrepreneurship of China," the founding partner said. It's likely that the statement refers to the fact that there has been fierce debate over the standpoint for startups in China. It's reported that China venture firms invested a lot of funds for startups. In total, Chinese firms invested a record-high amount of $37 billion. That's the country's highest venture capital investment in a year, more that double the previous year's total.

Chinese venture capital firms were eager to repeat entrepreneurial successes experienced with the Alibaba Group and other startups that they spent a lot of funds for startups. But that started a controversy over the concerns that too many companies are spending their venture money on subsidies for the sake of drawing customers.

Qiming was founded in 2006, and its assets under management have now reached $2.5 billion. That was achieved through five US dollar funds and three Chinese yuan funds, according to South China Morning Post. The firm's investments include some big names such as smartphone company Xiaomi, big sites like Dianping and Mogujie, apps like Meitu, also tech companies including Zai Lab and UBTech.

The funding from Princeton University and Duke University shows Western investors' confidence to keep counting on China's markets despite the country's slowing economy. The funding is an important factor to help Qiming staying a top choice for exceptional entrepreneurs in China, expanding its service to even more startups which in turn will support the country's economy.