This reminded me of the $560MM "AI Fund" South Korea touted after the AlphaGo-Sedol Go competition [0]. Looking for news now, it seems like they teamed up with Singapore and are taking a less centralized approach. From [1]:

Gwangju Metropolitan City (GMC) plans to set aside US$920 million (1 trillion won) to support the AI Town Project, which is expected to incubate 1,000 AI-oriented startups and educate and train 5,000 for the sector within the decade, starting from 2019.

The 3 sub-projects of the AI Town Project include: (1) Establishment of AI Research Institute, (2) Development of AI-oriented Campus, and (3) Creation of AI-oriented Start-up Ecosystem.

[0] https://www.nature.com/news/south-korea-trumpets-860-million... [1] https://www.opengovasia.com/articles/singapore-and-south-kor...