Sinovation Ventures-Owned Firm Receives Investment to Bring AI Tech to Market

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Geely Leads $141 Million Round for Tsinghua-Linked Robotics Startup; Intel Pivots to Custom Chips to Tap China’s Trillion-Yuan Computing Markets; Wingtech Demands Return of Nexperia Control After Dutch Freeze Pause

LATEST: AI Keeps China, U.S. From Decoupling Despite Trade Tensions, Insiders Say; Wingtech Demands Return of Nexperia Control After Dutch Freeze Pause; Intel Pivots to Custom Chips to Tap China’s Trillion-Yuan Computing Markets; Geely Leads $141 Million Round for Tsinghua-Linked Robotics Startup; China’s Giant Neutrino Detector Delivers First Results With Record Precision; China Unicom Taps Veteran Executive as Chairman to Navigate Telecom Transition; Chinese Self-Driving Firms Accelerate Into Middle East, Southeast Asia; Baidu Posts Record Revenue Decline as Ad Business Falters; Xiaomi’s EV, AI Units Post First Quarterly Profit; China’s Agricultural Drone Makers Pivot to Smarter Navigation as Size Race Ends; Alibaba Renames AI App to Stand Out in China’s Crowded Chatbot Market; Investors Flock to Chinese eVTOLs Chasing Regulatory Green Lights; Nexperia Headquarters Rachets Up Feud With China Unit With Salvo of Accusations; Robot-Maker Unitree Steps Closer to China IPO; Tencent Says Talks With Apple on WeChat Game Fees Are Advancing; Baidu Unveils Ambitious AI Chip Roadmap, Targeting 1 Million-Card Cluster by 2030; Tencent’s Profit Rises 19% on Overseas Gaming and AI-Powered Ad Surge; Caixin Summit: Design, Commercialization Key to China’s Low-Altitude Economy Taking Off, Industry Insider Says; China’s Robotics Revenue Soars as Industry Races to Crack Embodied AI; U.S. Formally Suspends Sweeping Export Control Rule for One Year After China Trade Talks

By Ding Yi / Dec 26, 2019 06:10 PM / Business & Tech

Chinese artificial intelligence (AI) startup AInnovation has raised 400 million yuan ($57.14 million) in a series B funding round led by China Renaissance’s New Economy Fund, AInnovation said in a post published on its WeChat public account Wednesday. Other investors include CICC Alpha, SAIF Partners and CreditEase, among others.

AInnovation will use the capital to accelerate commercialization of AI technologies in the retail, finance and manufacturing sectors, the firm said.

Since its establishment in March last year, AInnovation, an AI subsidiary of Chinese venture capital firm Sinovation Ventures, has secured nearly 1 billion yuan over three rounds of investment. The last funding round was in January, and brought in over 400 million yuan.

In 2019, AInnovation set up two joint ventures with separate partners with the goals of using its AI technologies to revolutionize the manufacturing and finance industries.

Professional services firm PwC estimates China is set to realize greater gains from AI than any other country, with AI-related businesses contributing 26% of China’s GDP growth in 2030.

Contact reporter Ding Yi (yiding@caixin.com)

Share this article

Open WeChat and scan the QR code