Kai-fu Lee, Google Inc.'s departed head of China operations, announced on Sunday that he would run his own business that would invest in Chinese technology start-ups. Kai-fu Lee confirmed his plan to launch the business on his twitter page, saying he would establish a firm with more than $117.1 million of funds.

Young Chinese will be able to obtain "angel funding" to develop their ventures. An Angel fund is a sort of venture capital that is generally provided to start-ups against convertible-debt or an equity-stake.

Intimate sources said that Lee also has plans to publish a book named "Making A World of Difference: The Kai-Fu Lee Story."

Lee has left Google at a time when the company is struggling hard to compete with rival Baidu that enjoys a lion's share in the Chinese search engine industry. Baidu has approximately 61.6 per cent share of China's search market, while Google, the California-based company has 29 per cent share of the search market in China.