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Sinovation Ventures helps develop intelligent technology in Guangzhou
Update: 2018-11-30     Source: chinadaily.com.cn


The 2018 Global Autonomous Driving Summit was held by Sinovation Ventures and Techweb in Guangzhou on Nov 27. [Photo/Xinhua]

The 2018 Global Autonomous Driving Summit was held by Sinovation Ventures and Techweb in Guangzhou on Nov 27, gathering experts to discuss the development of autonomous driving and artificial intelligence (AI).

Many top enterprises were invited to the summit, including Momenta, China's first self-driving company; WeRide.ai, the company that made China's first self-driving car pass through a tunnel in a heavy rain; Fabu, an AI company promoting unmanned trucks; Uisee Technology, whose driverless shuttle buses serve Guangzhou Baiyun Airport; the new carmaker Xiaopeng Motors; AutoX Co from Silicon Valley, and many other related companies, laboratories and researchers, attending to explore further development of autonomous driving technology.

Guangzhou has made great achievements in the field of AI. According to Sinovation Ventures, there are more than 300 AI enterprises in Guangdong, with an industrial scale of 26 billion yuan ($3.74 billion), accounting for about one-third in the country. The output value of related industries, such as robotics and intelligent equipment, has exceeded 200 billion yuan. Guangzhou is one of the main gathering places of the Guangdong AI industry, with 339 AI companies registered in 2018.

Sinovation Ventures established an intelligent investment fund in Guangzhou Development District in May with a total target of 2.5 billion yuan, focusing on early projects in the fields of AI, education, consumer upgrading, and Business to Business (B2B) enterprise services. The district has announced plans to produce 500-1,000 driverless cars in 2019.

Sinovation Ventures is an established Chinese technology-savvy investment firm, started in 2009 by a team led by Dr. Kai-Fu Lee, and with a presence in Beijing, Shanghai, Shenzhen, Seattle and Silicon Valley. It currently manages a total of six funds amounting to 11 billion yuan, and over 300 portfolio companies across the technology spectrum in China and the USA. It focuses on the fields of AI and big data, consumption upgrading, education, culture and entertainment, and B2B and enterprises service. It is committed to creating an investment platform for entrepreneurship, capital support and services.

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