Sinovation Ventures (Chinese: 创新工场; pinyin: Chuàngxīn Gōngchǎng) is a Beijing-based venture capital firm founded in 2009.[2] The firm focuses on investing in startups that use artificial intelligence technology.[3] It was one of the first Chinese venture capital firms to establish a presence in the United States.[2]
 | |
Native name | 创新工场 |
|---|---|
| Formerly | Innovation Works |
| Company type | Private |
| Industry | Venture Capital |
| Founded | 7 September 2009 |
| Founders | Kai-Fu Lee Hua Wang |
| Headquarters | Beijing, China |
Key people | Kai-Fu Lee (CEO) |
| Products | Investments |
| AUM | US$3 billion (2022) |
| Website | sinovationventures |
| Footnotes / references [1] | |
Background
editKai-Fu Lee was President of Google China from July 2005 to 4 September 2009.[2][4][5][6] A few days after resigning from his post, on 7 September 2009, he announced he would be starting a $115m venture capital fund called "Innovation Works".[2][5][6][7] His colleague, Hua Wang who was previously Head of Business Development in Google China joined him as a co-founder.[8]
In 2013, an office was opened in Silicon Valley to invest in US startups.[9][10]
In 2016, the firm rebranded from "Innovation Works" to "Sinovation Ventures".[7]
In 2019, the firm closed its Silicon Valley office citing the China–United States trade war making it difficult to get into US deals.[9][10]
Funds
edit| Fund[11] | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Sinovation Fund I | 2011 | USD 180 |
| Sinovation Fund II | 2012 | USD 275 |
| RMB Fund I | 2012 | USD 48.5 |
| Sinovation Fund III | 2016 | USD 207 |
| RMB Fund II | 2016 | USD 380 |
| Sinovation Fund IV | 2018 | USD 500 |
| Artificial intelligence fund[12] | 2018 | USD 391 |
| RMB Fund III[13] | 2019 | USD 361 |
| Sinovation Fund V[14] | 2022 | USD 203 |
Investments
editReferences
edit- ^ "Sinovation Ventures". Sinovation Ventures. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ a b c d "Chinese economy resilient thanks to its diversity, says top tech venture capitalist". South China Morning Post. 5 December 2018. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ Yuan, Li (24 August 2016). "China Gears Up in Artificial-Intelligence Race". Wall Street Journal. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ Sandoval, Greg. "Microsoft settles with Google over executive hire". CNET. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ a b "Google China Head Kai-Fu Lee Leaves to Start New Venture - BusinessWeek". 8 September 2009. Archived from the original on 8 September 2009. Retrieved 18 December 2022.
- ^ a b "Dr. Kai-Fu Lee Leaves Google, Starts Innovation Works | Reuters". Reuters. 10 September 2009. Archived from the original on 10 September 2009. Retrieved 18 December 2022.
- ^ a b c Yuan, Li (12 September 2016). "Sinovation Ventures Raises $675 Million in Fresh Capital". Wall Street Journal. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ "Hua Wang, Sinovation Ventures: Profile and Biography". Bloomberg.com. Retrieved 18 December 2022.
- ^ a b c d e f g Levy, Ari (14 May 2019). "Google's former China head Kai-Fu Lee retreats from US investing amid trade dispute". CNBC. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ a b Kaye, Kate (7 November 2022). "Kai-Fu Lee tried to teach the US about Chinese AI and got a rivalry". Protocol. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ "Sinovation Ventures | Palico". www.palico.com. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ Wu, Yimian (25 May 2018). "Sinovation Ventures Establishes $391M AI Fund In Guangzhou". China Money Network. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ Wang, Eudora (5 June 2019). "Former Google China Head-Led Sinovation Ventures Closes Third RMB Fund At $361M". China Money Network. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ "Sinovation Ventures raises $203m so far for fifth flagship venture fund". DealStreetAsia. Archived from the original on 18 December 2022. Retrieved 18 December 2022.
- ^ Rai, Saritha (5 November 2023). "AI Pioneer Kai-Fu Lee Builds $1 Billion Startup in Eight Months". Bloomberg News.
- ^ Gobry, Pascal-Emmanuel. "The Guy Who Ran Microsoft And Google In China Clones US Startups". Business Insider. Archived from the original on 18 December 2022. Retrieved 18 December 2022.