("Tech Company Venturous Group Raises $131M in Latest Funding Round," at 0318 GMT on June 17, incorrectly referred to Venturous Group founder Benson Tam as a first-round investor in Alibaba Group Holding Ltd. The error was repeated in a flash headline at 0307 GMT. The correct version follows: ) 


 
 
   By Yifan Wang

Venturous Group, a Chinese smart-city technology company, has raised $131 million in a Series A funding round.

The financing, which exceeded an earlier target of $80 million, was led by the company's founder and chairman, Benson Tam, who has invested $50 million in the deal, Venturous said Thursday. Mr. Tam, a former partner at Fidelity Growth Partners Asia, has been working in Asia's private-equity sector for the past 30 years.

Other investors in the latest round included Fidelity China Special Situations PLC and the family office of former Alibaba Group Holding Ltd. executive Savio Kwan.

Venturous Group, which invests in and operates urban-technology companies, didn't provide specific plans for the new capital.

"Smart-city tech is the biggest emerging-market opportunity we have ever seen," Mr. Tam said, referring to digital technologies used in urban infrastructure such as buildings and energy systems. "City internet is the third-generation internet and has 10 times the potential of mobile internet," he said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

06-23-21 0747ET