Another Chinese AI Startup secures $342 million in funding

Watch your back OpenAI, Chinese AI startups are coming for you.

Following the recent announcement about Baichuan, an AI startup that recently secured over $300 million in funding from Chinese tech giants, including Alibaba Group and Tencent, another Chinese AI-based startup has caught the attention of the tech giants.

Zhipu AI, founded in 2019 and valued at $69.2 million as of July 2023, according to CBInsights, secured a $342 million funding round from top investors, including Chinese tech giants Alibaba and Tencent. The funding round demonstrates Zhipu's AI capabilities and mirrors the growing demand for AI solutions in China.

Alibaba and Tencent participate in $300M raise by Chinese AI startup

Mirroring a wave of increased venture activity into AI startups across Silicon Valley and Europe, China’s leading tech firms and venture capital firms are also pouring billions into the development of AI services. One such example is Baichuan, an AI startup that recently secured over $300 million i…

TechloyEmmanuel Oyedeji

Both Zhipu and Baichuan are major players in China's push for Generative AI and will be competing with global tech giants like Google and OpenAI. The latter Chinese AI startup reported sales of more than $273 million for the six-month period ending June 30, 2023, according to Investing.com

Clearly, China is investing heavily in AI, with the goal of becoming a world leader in the field. With Zhipu and Baichuan at the forefront of this effort, the Asian country is likely to make significant strides in AI in the years to come.

The ongoing competition in AI has the potential to lead to amazing innovations and improvements in the field. The push for better technology, more accurate data, and new features will be a great boon for consumers and businesses alike.