Sinovation brings in $674m of new funds

Sinovation Ventures, the venture capital firm founded by former Google Inc executive Kai-Fu Lee, has raised more than $674 million for two new funds that will seek out investments in China and the United States.

The firm, formerly known as Innovation Works, recently closed its second yuan-denominated fund and its third US-dollar fund, taking the total amount under management to more than $1.2 billion.

The seven-year-old investment outfit now plans to add to a portfolio of almost 300 startups that include app store Wandoujia and Meitu, a developer of selfie apps that's close to listing in Hong Kong.