Kai Fu Lee's Sinovation Ventures has pulled back from U.S. investing, and the firm's North American CEO recently left the firm.
, "AI Superpowers: China, Silicon Valley and the New World Order." He argues in the book that tech entrepreneurs in China have surpassed their U.S. counterparts, particularly in the area of artificial intelligence., Microsoft and Google before incubating and investing in dozens of Chinese startups, " wrote Lee, whose firm manages about $2 billion and counts Taiwanese electronics supplier Foxconn as a top limited partner.
Lee's firm has been on the U.S. government's radar since at least January 2018, when a unit of the Defense Department highlighted Sinovation in atitled "China's Technology Transfer Strategy," addressing the perceived need to preserve "our technological superiority and economic capacity." None of Sinovation's 40-plus U.S. investments are in companies that have become household names. Among the best known are Wonder Workshop, which makes educational robots for kids, and Fictiv, an on-demand manufacturing start-up. Sinovation still has the ability to make investments in the U.S. and has a partner in China — formerexecutive Peter Fang — who keeps in touch with the firm's American portfolio companies, according to people familiar with the matter.
Still, there are certain ironies to Lee's forced retreat from the U.S. For one, he's from Taiwan and he immigrated to the U.S. at a young age, attending high school in Tennessee and college at Columbia University, before getting his doctorate in computer science at Carnegie Mellon University in Pittsburgh.
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