AInnovation, a China-based artificial intelligence product developer backed by online lending platform operator CreditEase, closed a series C round of undisclosed size yesterday valuing it at $1bn at least.
Investment banking group China International Capital Corporation (CICC)’s CICC Alpha fund led the round, investing with private equity fund managers Guohe Capital and Riverhead Capital – the latter managing capital for Sunshine Insurance – as well as investment manager Huaxing Growth Capital.
Founded in 2018 as a subsidiary of venture capital firm Sinovation Ventures, AInnovation provides technology that uses AI to help businesses increase efficiency and undertake digital transformation activities.
Huaxing Growth Capital owner China Renaissance and CICC were joint financial advisers on the round, which followed a $57.2m series B round in late 2019 led by Huaxing New Economy Fund and backed by CreditEase, CICC Alpha and SAIF Partners.
The series B round increased the company’s overall financing to at least $129m, including $14m from unnamed investors in 2018. CICC Alpha subsequently led series A and A-plus rounds of undisclosed size, and AInnovation has also identified Chengwei Capital as an investor.
