Sinovation Ventures holds a grand ceremony to launch its new subsidiary, Qizhi, in Beijing on May 22. [Photo provided to chinadaily.com.cn]

Sinovation Ventures, the capital firm founded by former Google executive Kai-Fu Lee, has opened a subsidiary specializing in AI-empowered solutions.

With an angel investment of more than $15.69 million, the subsidiary, named Qizhi, will create an integrated AI platform for companies and groups engaged in retailing, manufacturing and insurance.

The platform will combine technologies and products, market access and data, and stand out as a leading player in transforming artificial intelligence into market profits, said Hocking Xu, former executive of Microsoft and CEO of the newly-found subsidiary.

Hocking Xu, CEO of the new subsidiary Qizhi, speaks at the release conference on May 22. [Photo/chinanews.com]

With a team consisting of elite researchers from world-famous universities and experienced technicians from AI companies, Qizhi is committed to forging a well-balanced technology platform concentrated on computer vision, machine learning, and natural language processing (NPL).

According to Xu, for an AI-driven company, talents are the one and only core competitiveness. They will use the best steel to make the knife’s edge, scaling up their current personnel with new blood from home and abroad.

Kai-Fu Lee, chairman and CEO of Sinovation Ventures, noted during the ceremony that artificial intelligence will soon expose traditional enterprises to an overwhelming revolution in business modes.

Kai-Fu Lee, chairman and CEO of Sinovation Ventures and former executive of Google, delivers a keynote speech during the launching ceremony. [Photo/chinanews.com]

Lee mentioned earlier at the 2018 Global Mobile Internet Conference that the waves of AI can be divided into four rounds: AI led by internet giants, AI used to commercialize industries, AI based on visual sensors, and AI-enabled automated technologies.

Armed with a complete range of turn-key solutions, Qizhi will be the best option and a reliable partner for enterprises to sail among the tidal waves of industry shake-ups and embrace the coming era of artificial intelligence.

Qizhi has already inked fast-tracked cooperation deals with many powerful allies, such as Hong Kong-based conglomerate China Merchants Group, Taiwanese manufacturer Hon Hai Co and Chinese supermarket chain Yonghui Superstores.