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.

China Renaissance's Huaxing Growth Capital and Tencent Holdings have led an RMB1 billion ($159 million) Series C funding round into Beijing-based big data analysis solutions provider MiningLamp Software, according to China Renaissance's official WeChat account. Established in April 2014 by AI expert Wu Minghui, China-based MiningLamp Software specialises in big data business solutions. Its products include LiteMind, a human-robot interaction system, and Nest, a database that can store and search data and images. "We interviewed banks, police and public transportation companies and were surprised that many traditional firms are already embracing big data," China Renaissance managing director Du Yongbo was quoted as saying in a China Money Network report. "But many companies complain that they have difficulty finding data service providers, which provides opportunities for MiningLamp."