Venture capital company Sinovation Ventures, which is owned by Google Inc.'s former executive Kai-Fu Lee, has managed to raise more than 4.5 billion yuan ($674 million) to fund two new investments in China and the United States.

According to China Economic Review, Sinovation Ventures, formerly called Innovation Works, revealed on Monday it closed its second yuan-denominated fund worth $374 million and third US dollar fund equivalent to $300 million, raising the total amount under its management to over $1.2 billion. Its new funds include Foxconn Technology Group as the anchor investor.

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"The new dual-currency funds will strengthen our investment capacity," Lee said. "Sinovation Ventures has investment teams both in China and the United States that could grasp pivotal investment opportunities in the two countries."

Sinovation Ventures is planning to invest in startups in the fields of artificial intelligence. The seven-year-old investment outfit has already allocated $100 million to support 25 artificial intelligence-related startups in the United States and China over the past three years, China Money Network reported.

The company also aims to use the capital-venture funds to aid companies that are planning to establish enterprise software and make entertainment content. Sinovation Ventures plans to add to a portfolio of nearly 300 startups including app store Wandoujia and selfie app developer Meitu.

Meanwhile, Kai-Fu Lee revealed that Sinovation Ventures has agreed to team up with Zall Group to create the Zall Innovative Trading Industry Fund, which would raise half a billion yuan ($74.86 million) to invest in the areas of logistics, supply chain upgrade, Internet of Things, and intelligent trading.

TagsSinovation Ventures, Kai-Fu Lee, investment, Innovation Works, Google