Sinovation Ventures, a Chinese VC firm founded by former Google China head Kai-Fu Lee, is establishing $391mn AI fund in Guangzhou.
The fund will invest in projects related to AI, big data, education, consumption upgrade and B2B services. It will help Guangzhou to develop its AI business chain.
Sinovation Ventures will also set up an AI subsidiary and a research centre in the city to help Guangzhou’s AI development.
The subsidiary will be called Chuangxin Qizhi Guangzhou and will focus on AI and B2B, providing products and solutions for enterprises
Guangzhou is catching up with Shenzhen which last year made $349.16bn in GDP compares to Guangzhou which made $336.64bn despite having almost 2mn more people, according to China Money Network.
The city of Tianjin also set up a $16bn fund this month to support AI development, as part of China’s aim to lead the world in AI by 2025.