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A Innovation plans to further improve the R&D for AI technologies and develop AI application scenarios. The company will offer more practical AI products and solutions for the retail, manufacturing and financial industries.
Fremont, CA: AInnovation, a China-based AI solutions provider, announced the closing of Series B financing of nearly 400 million yuan (approx. US$60 million). The financing was led by China Renaissance's Huaxing Growth Capital Fund. Other investors who participated in the funding round were CICC ALPHA, SAIF Partners, and CreditEase. China Renaissance Alpha became an exclusive financial advisor. From two years since its inception, AInnovation has raised nearly 1 billion yuan (approx. US$150 million) in total and is considered one of the fast-growing future unicorn companies.
With the raised funds, AInnovation plans to improve the R&D for AI technologies further and develop AI application scenarios. The company will offer more practical AI products and solutions for the retail, manufacturing, and financial industries.
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Hocking Xu, CEO, and Co-Founder of AInnovation said, "AInnovation has always adhered to the right value proposition and pursued rapid and healthy growth. We do not superficially show off our AI skills but do e
verything with a focus on value, customers, and applications. Through a combination of technologies, products, scenarios, engineering, and business, we are committed to promoting the fusion of AI and traditional industry, exploring more application scenarios, and creating a profitable AI company that can bring value to customers and society. The AI plus traditional industry has a promising market. Looking forward to next year, we plan to beef up our internal R&D while seeking expansion into more markets, in a move to enhance our company's overall competitiveness and create greater value for customers, partners, and investors."
AInnovation is continuously striving to become a flagship AI enabler for long-established industries as they convert their business through AI-enabling upgrades. The company focuses on a two-wheel business model that emphasizes "industry scenarios" and "technology & products" concurrently. AInnovation has swiftly developed a set of AI products that can be simulated at scale based on computer vision and deep learning technologies, which have received appreciation from hundreds of customers, many of whom are leaders in their respective industries.
Today AInnovation has a team of almost 400 employees with operations in 10 major Chinese cities, including Shanghai, Beijing, Guangzhou, and Chongqing. In 2019, AInnovation formed a manufacturing Joint Venture with CISDI - CISAI Tech, and established a finance subsidiary - SEC Tech, to strengthen vertical integration and better serve customers through joint empowerment.
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