The bank has put up $50m for the China-based venture firm's latest fund, which will invest $500m in AI-focused companies.
Financial services firm BBVA agreed today to provide $50m in capital for Sinovation Fund IV, a $500m fund being raised by China-based venture capital firm Sinovation Ventures.
Founded in 2009, Sinovation manages a total of about $1.7bn in assets across six funds. Its exits include bicycle rental service Mobike, which agreed to a $2.7bn acquisition by Meituan-Dianping earlier this month, and image sharing app Meitu, which floated in a $600m IPO in 2016.
Sinovation Fund IV is concentrating…
