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Former Google China head targets AI opportunities with new $900M Sinovation fund [TechCrunch Blog]

ALPHABET INC CL C (GOOG)  More Company Research Source: TechCrunch Blog
US:NASDAQ Investor Relations: abc.xyz/investor
PDF Kaifu Lee's firm is also doubling down on robotics and education with its largest fund to date Sinovation  Ventures , one of China’s prominent funds which is helmed by former Google China head Kaifu Lee, has announced a new investment fund that’s targeted at a total raise of $900 million. This newest fund is the firm’s fourth, and it promises to be its largest to date. Sinovation is a little different from other firms in that it raises its fund using one U.S. dollar vehicle and another in Chinese RMB to give founders currency options, one of its competitive advantages. The firm confirmed today that it has closed the $500 million USD fund, and it has kicked off the process to raise an additional 2.5 billion yuan, or around $400 million, in Chinese currency to round out this new vehicle. The addition of that U.S. capital means it now has $1.7 billion under management across six funds, four of which are in U.S. dollars and two are Chinese RMB. The firm has in [Read more]

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