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- Alibaba-Backed Baichuan Secures $691 Million
Alibaba-Backed Baichuan Secures $691 Million
Beijing-based AI startup Baichuan Intelligent Technology has raised approximately 5 billion yuan (about $691 million) in its latest funding round.
Big Players in the Game: Major Chinese tech giants Alibaba, Tencent, and Xiaomi led the investment, joined by state-backed entities like the Beijing AI Industry Investment Fund, Shanghai AI Industry Investment Fund, and Shenzhen Capital Group.
Valuation: Following this investment, Baichuan’s valuation has increased to over 20 billion yuan ($2.7 billion), making it China’s second most valuable AI startup, after Moonshot AI.
Company Background: Founded in April 2023 by Wang Xiaochuan, former CEO of Sogou, Baichuan focuses on large language models and generative AI.
Investment Impact: The recent funding will support Baichuan’s continued development of large language models, including the Tongyi Qianwen series and an open-source model named Qwen.
Investment Context: This funding is part of a larger trend of heavy investment in China’s AI sector, including a new $40 billion state fund for semiconductors amid U.S. export restrictions.
Baichuan’s latest round highlights its growing influence and competitive stance in the AI market.