Last April, Intel’s (INTC) investment arm stocked with $100 million a special fund dedicated to underwriting innovations by Chinese companies in smart devices, including tablets, smartphones, PCs, convertibles and wearables, extending even to the amorphous Internet of Everything (IoE) and associated technologies.

The idea behind the China Smart Device Innovation Fund is to spur development of Intel-based mobile devices in the China market.

Intel said it has doled out the first wave of investments from the fund, some $28 million, to five China companies involved in Internet of Things (IoT)-related device and application development, mobile communications, wearables and other similar activities.

“We would like to congratulate these companies on receiving investments from the Intel Capital China Smart Device Innovation Fund,” said Arvind Sodhani, Intel Capital president and Intel executive vice president.

“Investments from the fund are earmarked to help drive smart device innovation in China and beyond,” he said. “These innovative companies will help lead to a new wave of product development in China in smartphones, tablets, wearables and the Internet of things.”

The list of Intel funded Chinese companies includes EyeSmart Technology, an iris recognition technology developer; Shanghai Ailiao Information Technology, a mobile communications service provider for games and applications in China; Shenzhen Fibocom Industrial Development, an IoT and mobile internet communications and location-based services solutions provider; Guangdong Appscomm Digital Technology, a smart watch maker; and, LeWa Technology, a third-party mobile OS provider in China.

Intel didn’t specify the criteria it used to assess each company’s suitability for funding.

“Smart and connected devices represent some of the most exciting new areas in technology, and with China maintaining one of the world’s most robust technology ecosystems these technologies are poised for dynamic growth,” said Ian Yang, Intel corporate vice president and Intel China president.

The Intel Capital China Smart Device Innovation Fund is Intel Capital’s third fund for China, including the $200 million Intel Capital Technology Fund set up in 2005 and the $500 million Intel Capital Technology Fund II established in 2008. Intel Capital started investing in China in 1998 and, in total, has invested more than $700 million in 120 Chinese technology companies.

Intel recently invested $1.5 billion into Tsinghua Unigroup, a subsidiary of the Chinese government-backed Tsinghua Holdings that controls fabless chip maker Spreadtrum and RDA Microelectronics, in a joint development deal to broaden the U.S. chip giant’s mobile devices portfolio and architecture in China and worldwide.