Sinovation bets big on AI in line with China's aim to lead the world

Beijing

FOR years, Lee Kai Fu would share his venture capital firm's office space in Beijing with startups that he was backing so that they could get advice and collaborate with each other. But about three months ago, the last of the startups packed up and moved out. The desks were promptly taken over by employees of Sinovation Ventures' latest growing endeavour, an inhouse AI Institute.

"It makes more sense to have our AI team together in the office - there's more synergy," said Mr Lee, a veteran of both Google and Microsoft Corp in China, during an interview at his headquarters in the city's Haidian District. The AI Institute now has about 30 full-time employees with plans to grow headcount to about a hundred within the year.