Vision Fund backs Sinovation's AI consulting business
AInnovation, an artificial intelligence (AI) consulting business established by Sinovation Ventures, has completed Series D funding led by SoftBank Vision Fund II. The size of the deal was not disclosed.
The firm joined the ranks of China’s AI unicorns following a Series C round last December led by CICC Capital. The size of the deal was not disclosed, but AInnovation said that the valuation was above $1 billion.
AVCJ Research has records of three previous funding events for AInnovation: a RMB100 million ($15.7 million) angel round in 2018 and a RMB400 million Series A in 2019, led by Chengwei Capital and CICC, respectively; and then a RMB400 million Series B towards the end of 2019 from CAS Star Venture Incubator, an investor supported by the Chinese Academy of Sciences.
AInnovation – or Chuangxin Qizhi – was established in 2018 to deliver AI-related products and customized business solutions that help traditional industries improve efficiency and facilitate intelligent transformation. Services cover computer vision, natural language processing, and automated machine learning.
It will continue to focus on providing AI solutions to manufacturers with a view to becoming a leading provider of industry intelligence transformation solutions, according to a statement. Specific areas of interest include iron and steel metallurgy, engineering and construction, OLED panels, automotive equipment, energy and power, and consumer electronics, said Hocking Xu, CEO of AInnovation.
Established in 2009 by Kai-Fu Lee, formerly head of Google China, Sinovation has RMB16 billion ($2.5 billion) in assets under management across 10 US dollar and renminbi funds. On announcing a final close of $362 million for its third renminbi vehicle in 2019, the firm unveiling its Guangzhou office and established local branches of its AI Institute and AInnovation.
Last year, Sinovation launched a growth-stage private equity fund with a target of $1 billion. It will focus on introducing AI technologies to traditional industries. The Sinovation Disrupt Fund is a continuation of the AI Institute, which was established in 2016 to conduct research into the practical application of AI and to serve as a base for AI talent development.
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