Photo: iStock
According to official data, the scale of Guangdong's AI core industries was about 26 billion yuan. Photo: iStock

Sinovation Ventures, a Chinese tech-savvy investment firm, said it has completed fundraising for the USD Venture Capital Fund, drawing in US$500 million in the fourth batch, The Paper reported.

Following this round of fundraising, Sinovation Ventures now manages six funds with a total asset scale of 11 billion yuan.

It is reported that except for the original investors, many came from internationally-renowned pension funds, mother funds, sovereign funds and advanced international manufacturing firms.

It has also added new strategic investors, including a well-known European financial group and an international auto giant.

Meanwhile, in the wake of the new wave of artificial intelligence, Dr. Li Kaifu, founder of the firm, expects that more business models or traditional industries will usher in tremendous growth with the empowerment of AI.

Thus, the company has positioned itself as “VC+AI” in the global investment community.

Li also thinks the age of “Tech VC” has come, which means both tech and non-tech companies will need to keep up with the changing world.