China: Sinovation Ventures bags $50m from Spain’s BBVA for $500m AI fund

Sinovation founder Kai Fu Lee
Sinovation Ventures founder Kai Fu Lee. Photo: Bloomberg.

Sinovation Ventures, a Chinese VC firm co-founded by former Google China president Kai-Fu Lee, has secured an investment of $50 million from Spanish bank Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) for its new $500-million fund, per an announcement on Tuesday.

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