Sinovation Ventures, an established Chinese venture firm, launched its Guangdong-Hong Kong-Macao Greater Bay Area headquarters in Guangzhou, the capital of South China's Guangdong province, on Wednesday, and finished the company's third round of fundraising.
"The funds, worth of 2.5 billion yuan ($361.8 million), will target emerging industries, including artificial intelligence, big data, education, consumption and B2B business," said Tao Ning, president and chief operating officer of Sinovation Ventures.
According to Tao, the company's headquarters in the Greater Bay Area will focus on emerging industrial investment, AI research and related services and solutions for businesses.
"As a technology VC company, Sinovation Ventures, with a strong technology DNA, has helped more than 100 companies to increase business efficiency by providing AI service and solutions over the past year," Tao said.
To facilitate its strength in the AI sector in the Greater Bay Area, Sinovation Ventures has also launched a subsidiary AI institute in Guangzhou, with plans to bring more AI-related solutions and services for local businesses in finance, manufacturing, retail and logistics.
"As one of China's economic powerhouses, the Greater Bay Area is traditionally known for its manufacturing, trade, logistics and finance. We will bring about more cutting-edge AI services and technology solutions to help boost traditional businesses in the area," Tao said.
The company's AI institute has seven laboratories in Beijing, Nanjing in East China's Jiangsu province and Guangzhou, focusing on research in AI infusion on smart medical and health services, robotics, big data, computing and finance, information perception and automation.