China’s ByteDance, the world’s most valuable startup worth $75 billion, is in talks to raise the equivalent of more than $1 billion for its first venture fund to invest in artificial intelligence and media content, people familiar with the matter said.   

The Beijing-based company, whose popular video app TikTok is growing in the U.S. and other overseas markets, seeks to secure about 10 billion yuan ($1.45 billion) for the new fund, the people said. Of that amount, about 2 billion yuan would come from ByteDance, while the rest would be from outside investors.