Sinovation brings in $674mof 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.