Kai-Fu Lee’s Sinovation Ventures Raises 5M In Two Funds

Sinovation Ventures, formerly known as Innovation Works, has raised RMB4.5 billion (US$675 million) across two venture funds, including a U.S. dollar fund with US$300 million and a RMB2.5 billion RMB-denominated fund, according to media reports. Founded by former Google Inc. executive Kai-Fu Lee, Sinovation Ventures’ new funds count Foxconn Technology Group as the anchor investor. International Finance Corporation previously disclosed that it had invested in Innovation Works Development Fund III, L.P., the U.S. dollar fund the firm initially filed with American regulators last year. Sinovation Ventures plans to invest in startups that are in the business of artificial intelligence, a key theme Kai-Fu Lee has raised repeatedly in the recent past. The firm has invested US$100 million in 25 artificial intelligence-related startups in the U.S. and China in the past…


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