Sinovation, cofounded by the ex-head of Google China, nabs $50M from BBVA for its $500M ...
(WorldNews China)

It’s not often that you hear many details about the limited partners that feed money into a venture capital fund, and even less so when it’s about Western money being channelled into Chinese VCs, but today comes news of how one of the more interesting funds out of China is shaping up, courtesy of a strategic European investor. Sinovation Ventures, a Chinese VC co-founded by the ex-head of Google China, Kai-Fu Lee, has raised a new fund of $500 million to invest in AI startups out of the region. Now, the first tranche of investment has been announced for it: $50 million from Spanish bank BBVA. From what we understand, no investments have yet been made out of Sinovation Fund IV,...