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Sinovation Venture, a Chinese angel investment firm and Luxing Capital, are setting up a 4-billion-yuan (US$603 million) Artificial Intelligence industry fund, aiming to focus on top enterprises in the sector, the 21st Century Business Herald reported.

Wang Hua, founder and managing partner of Sinovation Venture, pointed out that the explosive growth of AI is not only driven by the development of technology, but also demand.

Deep learning and augmented reality push computer systems to solve problems that have never been solved before. At the same time, various industries need the help of AI to gain a competitive advantage. All these factors indicate that the age of AI is coming.

A PwC report shows that driven by AI technologies, global GDP will grow by 14% by 2030. And China is expected to become the biggest beneficiary of AI, enabling its GDP to grow by 26% by 2030.

Meanwhile, a report released by McKinsey & Company estimates that China’s artificial intelligence market will grow at a 50% annual growth rate, far exceeding the 20% compound annual growth rate in the global market.