AInnovation, a Chinese AI solutions provider and Sinovation Ventures’ artificial intelligence (AI) subsidiary focused on an “AI+” B2B enterprise service model, closed a Series A and A+ financing round of more than RMB 400m (approx. US$60m).
The round was led by CICC ALPHA, with participation from existing investors Sinovation Ventures and Chengwei Capital.
The company intends to use the funds to enhance its corporate prowess and expand its AI commercialization roadmap.
Led by Hocking Xu, CEO, AInnovation provides a two-pronged approach that merges technology & product with landing business scenarios. Established in March 2018, the company delivers AI-related products and business solutions to customers in the retail, manufacturing and finance sectors.
Customers include Mars, Outlets, Carlsberg, Nestle, Hon Hai Technology Group, Postal Savings Bank of China and CPIC Allianz, among other firms across a wide spectrum of industries and sectors.