In 2018, Tencent announced a strategic shift towards serving enterprise clients, recognizing the growing adoption of technology within traditional Chinese industries seeking to enhance efficiency. The company’s initiatives in this area encompass a diverse range of applications, from utilizing artificial intelligence for the analysis of medical imagery to developing customer relationship management systems for retailers utilizing its WeChat messaging platform.

Tencent’s recent investment activity includes providing capital to FJ Dynamics, a Chinese company specializing in automation technologies for agriculture, such as intelligent tractors and rice planting machines, as well as autonomous vehicles designed for use in ports and manufacturing facilities, serving a global customer base. Tencent stated that the funding, received alongside other unnamed investors, totaled “hundreds of millions of yuan” – equivalent to a significant sum given the exchange rate of $1 to 6.55 yuan – in an announcement made on Tuesday.

Established in 2017, FJ Dynamics maintains connections with several prominent Chinese organizations. Business registration records indicate that Dongfeng Asset Management, the investment arm of the state-owned automotive manufacturer Dongfeng, was an initial investor. Furthermore, the drone manufacturer DJI also held an early investment stake, though it has since been divested, according to company information. The company’s name, FJ, is derived from portions of the names “Dongfeng” and “DJI” in Chinese. The founder and CEO, Wu Di, previously served as DJI’s chief scientist, leading their chip research and development efforts.

Notably, DJI has also been actively expanding its own presence in the agricultural drone market.

“There is a growing societal emphasis on improving productivity, which creates opportunities for growth within the enterprise services sector,” explained Jeffrey Li, a managing partner at Tencent’s investment division, during a presentation in April. “While a substantial portion of venture capital and private equity funding in the United States is directed towards enterprise-focused companies, such businesses currently represent a smaller percentage of deals in China compared to those targeting consumers. This transition towards serving industries will require time.”

FJ Dynamics is registered in China and reports operating research and development facilities in China, Sweden, and the Netherlands.

This article has been updated to accurately reflect that DJI is no longer a shareholder in FJ Dynamics.