Ex-Google China head's venture firm to raise $500 million
Sinovation Ventures, co-founded by Google China's former head Kai-Fu Lee, is expected to raise a $500-million fund and has received the first tranche of $50 million from Spanish bank BBVA. The fund will focus on startups in areas like internet, education, and artificial intelligence. Founded in 2009, Sinovation has invested in companies like bike-sharing startup Mobike and education app VIPKID.