AInnovation raises $57m led by China Renaissance's New Economy Fund

AInnovation, the artificial intelligence (AI) unit created by Chinese venture capital firm Sinovation Ventures, has raised nearly 400 million yuan ($57 million) in a Series B round of financing led by China Renaissance's New Economy Fund. CICC Alpha, an investment platform of China International Capital Corporation (CICC), private equity firm SAIF Partners, CreditEase, a Chinese fintech firm specialized in wealth management and inclusive finance, and other investors also poured money into the investment, China Renaissance revealed in a statement on its WeChat official account on Wednesday. China Renaissance was the exclusive financial advisor of the deal. AInnovation was established in March 2018 by Sinovation Ventures, a technology-focused investment company led by former Google China head Kai-Fu Lee. The startup leverages AI technologies like computer vision, natural language processing (NLP), and machine learning to develop products and solutions for corporate clients, helping them improve business efficiency and realize digital transformation.