Sinovation Ventures establishes $391mn AI fund in Guangzhou

Sinovation Ventures, a Chinese VC firm founded by former Google China head Kai-Fu Lee, is establishing $391mn AI fund in Guangzhou.  

The fund will invest in projects related to AI, big data, education, consumption upgrade and B2B services. It will help Guangzhou to develop its AI business chain.

Sinovation Ventures will also set up an AI subsidiary and a research centre in the city to help Guangzhou’s AI development.  

See also:

Sinovation Ventures raises $500mn funding

SenseTime and Alibaba to build AI Lab in Hong Kong

Read the May issue of Business Chief!

The subsidiary will be called Chuangxin Qizhi Guangzhou and will focus on AI and B2B, providing products and solutions for enterprises

Guangzhou is catching up with Shenzhen which last year made $349.16bn in GDP compares to Guangzhou which made $336.64bn despite having almost 2mn more people, according to China Money Network.

The city of Tianjin also set up a $16bn fund this month to support AI development, as part of China’s aim to lead the world in AI by 2025.

 

 

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology