BBVA invests in Chinese venture capital
Written by Mark Evans
Spanish bank BBVA is looking to the future and investing in Chinese technology companies, giving BBVA insight and access to the growing Chinese innovation market, especially around AI. From a financial perspective, it will also give BBVA the opportunity to understand and potentially co-invest into Chinese AI technological startups, gaining exposure to one of the world’s growing markets.
Commenting on the investment, BBVA´s Chief Executive Officer Carlos Torres Vila said: “By investing into the Sinovation Fund IV, we are ensuring we can learn from and build connections with some of the most promising AI solutions being built anywhere on the planet. Just as importantly, we can do it via a high-performing investment platform with a strong return profile.”
Sinovation Ventures, the fund’s management company, began operations in 2009 and currently manages six funds, with total assets under management over USD1.7bn.