According to 36Kr, Sinovation Ventures’ AI subsidiary, AInnovation, completed its latest round of financing totaling nearly $57 million. The funding included backers like Huaxing New Economic Fund, CICC Jiazi, Saifu, CreditEase, among others.
Since its angel round, AInnovation has raised over 1 billion yuan with the closure of this Series B financing. The new capital will be used for further research and development in AI technology. More specifically, the company aims to enhance its AI solutions in areas including manufacturing, retail and finance. AInnovation currently boasts over 100 clients in these sectors.
AInnovation’s founder and CEO, Xu Hui, stressed his belief in the potential of combining AI applications with traditional industries to enhance efficiency and create value.
“The focus of our fund’s investment has gradually shifted to the application and implementation of AI in various industries. We are currently focusing on vertical fields with large market space and relatively clear scenarios,” said Huaxing New Economic Fund Managing Partner Du Yongbo.
Boasting a team of 400 employees, AInnovation has operations in most of China’s Tier 1 and 2 cities. The company has won more than 60 domestic and foreign awards, including the Ram Harlan Management Practice Award of the Harvard Business Review, 2019 Red Herring Top 100 Asia, Hurun China Potential Unicorn 2019, IDC Innovator, and China’s Artificial Intelligence Industry Top 50 Unicorns, Top 10 Retail Analytics Solution Providers in Asia Pacific 2019, Potential Emerging Companies in Science and Technology Board 2019, Global 50 AI Technology Innovation Companies.