- Sinovation Ventures, a Chinese venture capital fund, has just raised $ 674 million to finance two monetary funds dedicated to artificial intelligence, business software and the creation of entertainment content.
- The Chinese company has invested $ 100 million in 25 artificial intelligence companies in the United States and China over the past three years.
- Kai-Fu Lee’s fund now has a portfolio of 300 start-ups.
Sinovation Ventures, a Chinese venture capital fund founded by Kai-Fu Lee, the former vice-president of Google China, has just raised 674 million dollars, according to information reported by the Wall Street Journal. This funding is intended for two separate monetary funds that will target artificial intelligence, enterprise software and the creation of entertainment content.
This operation allows Sinovation Ventures, initially called Innovation Works when it was created in 2009, to have two new funds intended for the emergence of Chinese start-ups. The first is a US dollar denominated fund amounting to $ 300 million while the second is denominated in Chinese yuan with reserves totaling the equivalent of $ 374 million.
$ 100 million invested in AI in 3 years
Sinovation Ventures is one of the most aggressive Chinese venture capital funds to bet on start-ups that use artificial intelligence to develop both driverless cars and enterprise software. In the past three years, the Chinese company has invested $ 100 million in 25 such companies in the United States and China, according to the WSJ.
Kai-Fu Lee’s fund now has a portfolio of 300 start-ups. Despite its appeal to the United States, Sinovation Ventures focuses most of its activity on the Chinese market. Among its investments, the fund notably includes Wandoujia, a company specializing in the distribution of mobile applications on Android, and Meitu, a specialist in Chinese selfie applications, which is preparing its IPO.
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