Ex-Google China chief targets five start-ups this year

Kai-fu Lee has $115 million, and he wants to put it to work. Monday, he announced that his new angel-focused venture fund, Innovation Works, is targeting a rate of five successful Chinese start-ups a year. Previously, Lee was in charge of Google's (GOOG) operations in China.

The new endeavor is backed by several high-profile investors – including YouTube co-founder Steve Chen, electronics manufacturer Foxconn (FXCNY) and Legend Holdings (LGDI), Lenovo's parent company.