Sinovation Ventures is one of the earliest AI-focused VC firms in China with over half of its 300+ portfolio companies being AI companies, built around Kai-Fu Lee's hybrid background as an AI researcher, big-tech operator at Google China, and investor. The firm operates a dual-currency structure at roughly $2B AUM and positions itself as both a startup investor and implementation partner that helps traditional Chinese companies become AI-driven companies, functioning more like a hybrid of VC and AI transformation consultancy than a classic passive investor.