China-based artificial intelligence technology developer AInnovation has closed a series B round sized at almost RMB400m ($57.2m) featuring online lending platform CreditEase, 36Kr has reported.
The round was led by China Renaissance’s Huaxing New Economy Fund and included growth equity firm SAIF Partners and CICC Alpha, a vehicle for investment banking group China International Capital Corporation.
Formed as an affiliate of venture capital firm Sinovation Ventures, AInnovation develops machine learning, computer vision and natural language processing-powered products for enterprise customers looking to pursue digital transformation.
The capital will go into AI technology development and commercialisation. The company has now raised at least RMB900m having raised more than $14m in a May 2018 angel round, two months after it was founded.
AInnovation secured a further RMB400m across series A and A-plus rounds that were led by CICC Alpha, the company said.
