Sinovision Ventures’ artificial intelligence arm AInnovation has managed to raise $57 million in its Series B funding round. This round of financing was led by the New Economy Fund, owned by China Renaissance.
The other participants in the funding round included CICC Alpha, the investment arm of China International Capital Corporation (CICC), SAIF Partners, fintech firm Credit Ease and others. China Renaissance made the announcement in a statement published in its official WeChat account.
On the other hand, it should also be pointed out that Renaissance also acted as the only financial advisor to AInnovation for the deal. AInnovation is involved in using a range of Artificial Intelligence technologies in order to create solutions and products for its clients. It aims to help with digital transformation and also enhance efficiency at a business.
The company is primarily engaged in dealing with businesses. After the Series B funding round, the total capital raised by AInnovation now stands at $143 million.
Du Yongbo, the managing director of the New Economy Fund, spoke about the investment. He said,
In terms of the industry, the manufacturing sector will be faced with great opportunities brought by informatization and automation renovation, in which computer vision is expected to play an extremely important role.