Ex-Google China head's firm raises $500 mn for AI startups
Sinovation Ventures, co-founded by Google China's former head Kai-Fu Lee, has raised $500 million to invest in the country's artificial intelligence (AI) startups. The firm now manages a total of $1.7 billion across six funds and is targeting another fundraising for an extra $395 million. The firm said it reached its target from investors within one month of fundraising.