China-focused venture capital firm Sinovation Ventures has closed two funds with total capital commitments of approximately US$674 million. The two funds include one U.S. dollar-denominated fund, which raised US$300 million, and an RMB-denominated fund which raised the equivalent of approximately US$374 million. The U.S. dollar fund was anchored by Taiwan-based Foxconn Technology Group. Sinovation plans to invest the funds in companies involved in artificial intelligence, enterprise software and entertainment content generation in China and the United States.