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Sinovation Ventures (创新工场), founded in 2009 by Dr. Kai-Fu Lee, is a prominent venture capital firm headquartered in Beijing, China. With approximately $3 billion in assets under management (AUM), the firm has established itself as a leader in early-stage investments, particularly in the technology sector. Sinovation Ventures has successfully backed over 307 companies, achieving notable milestones including 5 unicorns, 12 IPOs, and 30 acquisitions. The firm operates with a dual-currency structure, utilizing both USD and RMB funds to facilitate investments in the rapidly evolving Chinese and U.S. markets.
Sinovation Ventures is distinguished by its unique VC+AI venture-building model, which integrates artificial intelligence expertise into the investment process. This model not only provides financial backing but also offers strategic support to portfolio companies, helping them navigate the complexities of the market. The firm has a robust team of 49 members, including 22 partners, who bring diverse expertise and insights to the table. With offices in major cities such as Beijing, Shanghai, Guangzhou, Nanjing, Shenzhen, and Hong Kong, Sinovation Ventures is well-positioned to leverage its extensive network and resources to foster innovation.
Sinovation Ventures focuses on early-stage investments across a variety of sectors, with a strong emphasis on artificial intelligence. The firm’s investment strategy is centered around four key domains: Internet AI, Business AI, Perception AI, and Autonomous AI. Sinovation Ventures typically invests in companies that are 2-3 years post-founding and demonstrate clear product-market fit (PMF) signals. The firm’s average check sizes range from $1 million to $14 million, with specific averages of $1.75 million for angel investments, $2.86 million for seed rounds, and $14.1 million for Series A funding.
In addition to AI, Sinovation Ventures actively invests in sectors such as energy, healthcare, industrial technology, robotics, SaaS, semiconductor design, and workflow automation. The firm has made a significant number of investments in enterprise applications and high-tech companies, reflecting its commitment to supporting the next generation of deep tech entrepreneurs. Sinovation Ventures aims to identify and nurture innovative companies that are poised to lead in their respective fields, leveraging its extensive industry knowledge and AI-driven insights to drive growth and success.
Sinovation Ventures boasts a diverse portfolio of 307 companies, including several notable names that have made significant impacts in their industries. Among its portfolio are 5 unicorns and 12 companies that have successfully gone public through IPOs. Noteworthy investments include Meitu, Megvii, Momenta, and 01.AI, which exemplify the firm’s focus on cutting-edge technology and innovation.
In the past year, Sinovation Ventures has made 6 investments, with the latest being Piecoating Tech in January 2026, which highlights the firm’s ongoing commitment to identifying promising startups. Another significant investment includes HPC-AI Tech, which secured a $50 million Series A round. The firm has a strong presence in enterprise applications, with 78 investments in this sector, as well as 62 in high-tech companies, showcasing its strategic focus on areas with high growth potential.
Kai-Fu Lee - Founder and CEO. Dr. Lee is a renowned expert in artificial intelligence and has a rich background in technology leadership, having previously served as the president of Google China.
To pitch Sinovation Ventures, founders should visit their pitch URL at sinovationventures.com/investment or email ir@chuangxin.com. The firm welcomes pitches that clearly outline the business model, market opportunity, and alignment with their investment focus. They prefer to receive pitches through warm introductions but also accept cold applications.
In the past year, Sinovation Ventures has made 6 investments, with the latest being Piecoating Tech on January 27, 2026. They also invested $50 million in HPC-AI Tech during a Series A round, showcasing their active engagement in the technology sector.
Sinovation Ventures invests in early-stage companies, specifically focusing on Seed, Series A, and Series B funding rounds. The firm typically looks for companies that are 2-3 years old and have demonstrated product-market fit (PMF) signals.
Founders can pitch Sinovation Ventures through their official pitch URL at sinovationventures.com/investment or by emailing ir@chuangxin.com. It is advisable to provide a clear overview of your business model, market potential, and how your company aligns with their investment focus.
Sinovation Ventures has a strong focus on sectors driven by artificial intelligence, including Internet AI, Business AI, Perception AI, and Autonomous AI. Additionally, they invest in energy, healthcare, industrial technology, robotics, SaaS, semiconductor design, and workflow automation.
The typical check size for investments made by Sinovation Ventures ranges from $1 million to $14 million, with specific averages of $1.75 million for angel investments, $2.86 million for seed rounds, and $14.1 million for Series A funding.
Sinovation Ventures primarily invests in China and the United States, leveraging its extensive network and understanding of both markets to support innovative startups.
Sinovation Ventures offers extensive support to its portfolio companies through its VC+AI venture-building model. This includes access to AI expertise, market insights, and assistance with navigating regulatory environments in China and the U.S.
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