Chinese artificial intelligence (AI) startup AInnovation has raised 400 million yuan ($57.14 million) in a series B funding round led by China Renaissances New Economy Fund, AInnovation said in a post published on its WeChat public account Wednesday. Other investors include CICC Alpha, SAIF Partners and CreditEase, among others.

AInnovation will use the capital to accelerate commercialization of AI technologies in the retail, finance and manufacturing sectors, the firm said.

Since its establishment in March last year, AInnovation, an AI subsidiary of Chinese venture capital firm Sinovation Ventures, has secured nearly 1 billion yuan over three rounds of investment. The last funding round was in January, and brought in over 400 million yuan.

In 2019, AInnovation set up two joint ventures with separate partners with the goals of using its AI technologies to revolutionize the manufacturing and finance industries.

Professional services firm PwC estimates China is set to realize greater gains from AI than any other country, with AI-related businesses contributing 26% of Chinas GDP growth in 2030.

Contact reporter Ding Yi (yiding@caixin.com)

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Sinovation Ventures-Owned Firm Receives Investment to Bring AI Tech to Market - Caixin Global