China's Sinovation Ventures sets up $391m AI fund in Guangzhou

China's Sinovation Ventures sets up $391m AI fund in Guangzhou

An attendee holds the hand of a humanoid robot named Pepper, developed by SoftBank Corp.'s Aldebaran Robotics unit, during a SoftBank developer's workshop for students and robot enthusiasts in Tokyo, Japan, on Wednesday, March 4, 2015. Photographer: Akio Kon/Bloomberg

Chinese venture capital firm Sinovation Ventures has established an RMB2.5 billion ($391 million) artificial intelligence fund in Guangzhou.

The fund will invest in AI-related projects, as well as Big Data, education, consumption upgrade and business-to-business initiatives. The firm will also help Guangzhou to develop its AI ecosystem, said Sinovation Ventures on its WeChat account.

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