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Chinese AI Start-up AInnovation Completes $57M Series B Round

Chinese artificial intelligence (AI) solutions provider AInnovation announced the completion of a RMB 400 million (US$57.16 million) series B round of financing led by Huaxing New Economic Fund.

SAIF Partners, CreditEase and CICC Alpha, an investment subsidiary of China’s investment bank CICC, also participated in this round.

Proceeds of this round will be used to develop AI technology and expand AI commercialization scenarios.

This follows the company raised RMB400 million in series A and A+ rounds of financing led by CICC Alpha in this January 2019. The company also completes an angel round of financing worth more than RMB100 million (US$14 million) in May 2018.

Founded in March 2018 as an AI affiliate of Chinese tech-savvy investment firm Sinovation Ventures, AInnovation specializes in delivering AI-related products and business solutions to help enterprise customers and partners improve business efficiency and realize digital transformation.

According to its website, AInnovation primarily engages in the development of three core technologies, namely computer vision, machine learning and natural language processing.

"With the decline of labor dividends, manufacturing will face great opportunities for informatization and automation transformation. AI vision technology is expected to play an extremely important role to drive this trend. AInnovation’s AI basic technology research and development capabilities will organically combine AI technology and the use scenarios," said Du Yongbo, Managing Partner of Huaxing New Economic Fund.

(This article is translated from 36Kr. You can see the original article in Chinese here.)