AInnovation, a Beijing, China-based artificial intelligence company, completed a Series C financing round of undisclosed amount.
The round, which valued the company at over 1 billion dollars, was led by CICC ALPHA, with participation from Guohe Capital and Riverhead Capital, as well as previous shareholder Huaxing Growth Capital.
The company intends to use the funds to further enhance its position in AI by powering manufacturing, finance, retail, public services, and other fields, accelerating the pace of AI commercialization.
An AI subsidiary of Sinovation Ventures, AInnovation is an artificial intelligence company company with a mission of “AI Empowering Business.” AInnovation delivers products and customized business solutions leveraging AI technology, empowering traditional industries to reduce costs, improve their business efficiency and value, and realize digital transformation.
Led by Hocking Xu, CEO, the company has built three technical platforms:
- the Manuvision industrial vision platform,
- MatrixVision video intelligence platform, and
- Orion automated machine learning platform.
Based on this, AInnovation provides customers in manufacturing, finance, retail and public services and with AI products and industry solutions that can be delivered and implemented. The company has studied smart manufacturing, and created an “industrial vision-industrial automation-industrial cloud platform” business layout to penetrate specialized verticals, earning recognition from leading customers including CISDI, CTCE Group, CIMC, Zongshen Power, Baowu Steel Group, and Mars.
Since its establishment in March 2018, AInnovation has completed Angel, A/A+, B, and C rounds of financing, with investors including Sinovation Ventures, CICC ALPHA, Huaxing Growth Capital, Chengwei Capital, Guohe Capital, SAIF, Riverhead Capital, CreditEase and other well-known institutions.