Xiaomi launches own VC firm with $29M registered capital: Report

China's Xiaomi has reportedly set up its own venture capital firm named Chongqing Xiaomi Venture Capital with a registered capital of 200 million yuan (around $29 million). Reportedly, the firm, which will focus on investing and consulting, will be wholly owned and controlled by the smartphone manufacturer. Xiaomi has reportedly invested 29 billion yuan in over 270 firms so far.