Sinovation Ventures Explained
Sinovation Ventures is a Beijing-based venture capital firm founded in 2009.[2] The firm focuses on investing in startups that use artificial intelligence technology.[3] It was one of the first Chinese venture capital firms to establish a presence in the United States.
Background
Kai-Fu Lee was President of Google China from July 2005 to 4 September 2009.[4] [5] [6] A few days after resigning from his post, on 7 September 2009, he announced he would be starting a $115m venture capital fund called "Innovation Works".[7] His colleague, Hua Wang who was previously Head of Business Development in Google China joined him as a co-founder.[8]
In 2013, an office was opened in Silicon Valley to invest in US startups.[9] [10]
In 2016, the firm rebranded from "Innovation Works" to "Sinovation Ventures".
In 2019, the firm closed its Silicon Valley office citing the China–United States trade war making it difficult to get into US deals.
Funds
| Fund[11] | Vintage Year | Committed Capital ($m) |
|---|
| Sinovation Fund I | 2011 | USD 180 |
| Sinovation Fund II | 2012 | USD 275 |
| RMB Fund I | 2012 | USD 48.5 |
| Sinovation Fund III | 2016 | USD 207 |
| RMB Fund II | 2016 | USD 380 |
| Sinovation Fund IV | 2018 | USD 500 |
| Artificial intelligence fund[12] | 2018 | USD 391 |
| RMB Fund III[13] | 2019 | USD 361 |
| Sinovation Fund V[14] | 2022 | USD 203 | |
Investments
Notes and References
- Web site: Sinovation Ventures . Sinovation Ventures . en . 18 December 2022 . 18 December 2022 . https://web.archive.org/web/20221218031601/https://www.sinovationventures.com/ . live .
- Web site: 5 December 2018 . Chinese economy resilient thanks to its diversity, says top tech venture capitalist . 18 December 2022 . South China Morning Post . en . 18 December 2022 . https://web.archive.org/web/20221218034008/https://www.scmp.com/tech/innovation/article/2176331/chinas-economic-diversity-may-help-shield-it-economic-slowdown-says . live .
- News: Yuan . Li . China Gears Up in Artificial-Intelligence Race . 18 December 2022 . Wall Street Journal . 24 August 2016 . en-US . 18 December 2022 . https://web.archive.org/web/20221218041241/https://www.wsj.com/articles/china-gears-up-in-artificial-intelligence-race-1472054254 . live .
- Web site: Sandoval . Greg . Microsoft settles with Google over executive hire . 18 December 2022 . CNET . en . 18 December 2022 . https://web.archive.org/web/20221218032653/https://www.cnet.com/tech/tech-industry/microsoft-settles-with-google-over-executive-hire/ . live .
- Web site: 8 September 2009 . Google China Head Kai-Fu Lee Leaves to Start New Venture - BusinessWeek . 18 December 2022 . https://web.archive.org/web/20090908003520/http://www.businessweek.com/the_thread/techbeat/archives/2009/09/google_china_he.html . 8 September 2009 .
- Web site: 10 September 2009 . Dr. Kai-Fu Lee Leaves Google, Starts Innovation Works Reuters . . 18 December 2022 . https://web.archive.org/web/20090910202150/http://www.reuters.com/article/pressRelease/idUS29226+07-Sep-2009+BW20090907 . 10 September 2009 .
- News: Yuan . Li . Sinovation Ventures Raises $675 Million in Fresh Capital . 18 December 2022 . Wall Street Journal . 12 September 2016 . en-US . 18 December 2022 . https://web.archive.org/web/20221218041241/https://www.wsj.com/articles/sinovation-ventures-raises-675-million-in-fresh-capital-1473648511 . live .
- Web site: Hua Wang, Sinovation Ventures: Profile and Biography . 18 December 2022 . Bloomberg.com . en.
- Web site: Levy . Ari . Google's former China head Kai-Fu Lee retreats from US investing amid trade dispute . 18 December 2022 . CNBC . 14 May 2019 . en . 18 December 2022 . https://web.archive.org/web/20221218034010/https://www.cnbc.com/2019/05/14/kai-fu-lee-sinovation-ventures-retreats-from-us-amid-trade-dispute.html . live .
- Web site: Kaye . Kate . 7 November 2022 . Kai-Fu Lee tried to teach the US about Chinese AI and got a rivalry . 18 December 2022 . Protocol . en . 18 December 2022 . https://web.archive.org/web/20221218041241/https://www.protocol.com/enterprise/kai-fu-lee-china-ai . live .
- Web site: Sinovation Ventures Palico . 18 December 2022 . www.palico.com . 18 December 2022 . https://web.archive.org/web/20221218042644/https://www.palico.com/general-partners/sinovation-ventures/179ef57abcef4844a68f7219930f7266 . live .
- Web site: Wu . Yimian . 25 May 2018 . Sinovation Ventures Establishes $391M AI Fund In Guangzhou . 18 December 2022 . China Money Network . en-US . 18 December 2022 . https://web.archive.org/web/20221218042633/https://www.chinamoneynetwork.com/2018/05/25/sinovation-ventures-establishes-391m-ai-fund-in-guangzhou . live .
- Web site: Wang . Eudora . 5 June 2019 . Former Google China Head-Led Sinovation Ventures Closes Third RMB Fund At $361M . 18 December 2022 . China Money Network . en-US . 18 December 2022 . https://web.archive.org/web/20221218042631/https://www.chinamoneynetwork.com/2019/06/05/former-google-china-head-led-sinovation-ventures-closes-third-rmb-fund-at-361m . live .
- Web site: Sinovation Ventures raises $203m so far for fifth flagship venture fund . 18 December 2022 . DealStreetAsia . en . 18 December 2022 . https://web.archive.org/web/20221218042646/https://www.dealstreetasia.com/stories/sinovation-ventures-fund-v-316479 . live .
- Web site: Rai . Saritha . AI Pioneer Kai-Fu Lee Builds $1 Billion Startup in Eight Months . Bloomberg News . en . 5 November 2023.
- Web site: Gobry . Pascal-Emmanuel . The Guy Who Ran Microsoft And Google In China Clones US Startups . 18 December 2022 . Business Insider . en-US . 18 December 2022 . https://web.archive.org/web/20221218044652/https://www.businessinsider.com/kai-fu-lee-innovation-works-clones-china-startups-2011-4 . live .
