Sinovation picks Guangzhou for Greater Bay HQ

Beijing-based venture capital firm Sinovation Ventures, led by the renowned Lee Kai-fu, has chosen Guangzhou to establish its Greater Bay Area headquarters, reports Global Times.

The firm, which invests heavily in various fields related to artificial intelligence (AI), also unveiled a new AI research institute for the Greater Bay Area. This was after disclosing that it had closed its third yuan-denominated fund of RMB2.5 billion ($361.78 million). Pertaining mostly to Guangzhou, the fund will primarily invest in AI, big data, education, consumption upgrading, and business-to-business services. 

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