AInnovation Completes Series B, Hits CNY 3.2 Billion Valuation
COVID-19 and China
Machine learning text. Image credit: Photo by Alexander Sinn/Unsplash

AInnovation (创新奇智) announced the CNY 400 million in a fundraising today, led by Huaxing New Economic Fund (华兴新经济基金), followed by CICC Alpha, SAIF, CreditEase (宜信), etc.

Established in March 2018, AInnovation is the AI2B subsidiary of Sinovation Ventures, with the mission of AI Empowering Business. 

AInnovation leverages AI technologies to deliver AI-related products and solutions for enterprises and empowers enterprise customers and partners through improving their business efficiency, enhancing their value and realizing their digital transformation.

Currently, AInnovation focuses on three downstream applications –  manufacturing, retail, and finance.

For manufacturing solutions, its integrated AI manufacturing solutions incorporate CV and other AI algorithms into the industrial environment to provide positioning, detection, measurement and recognition functionalities. The solutions apply to various scenarios, including auto parts assembly, garment quality assurance, etc.

The set of complete AI-enabled retail solutions empowers the entire industry chain around people, product and place, and will soon cover the front, middle and back offices.

In addition, financial services AI solutions enable financial enterprises to optimize their business processes, improve their customer service, and enhance their competitiveness.

According to the EqualOcean report - Artificial Intelligence: Trends and Startups 2019, between November 2018 and November 2019, there were 394 private AI companies that raised a total amount of USD 31.32 billion. The percentage of enterprises that have deployed AI grew from 4% to 14% worldwide between 2018 and 2019; an additional 23% of the enterprises are set to use AI within the next 12 months.

After the hype, AI is expected to get back to imitating the intelligence of humans and nature more comprehensively, as well as learning from nature ; this will be promoted by improved telecommunication technologies and fundamental computing power.

Editor: Luke Sheehan
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