Chinese AI startup raises $69m from state-owned firm

Zhipu AI, a Chinese AI firm, has received an investment of approximately US$69.04 million from the state-owned Huafa Group.

This announcement was made on Mar.13, just a week after the company raised 1 billion yuan from investors, including the Hangzhou City Investment Group Industrial Fund.

Huafa Group, based in Zhuhai, Guangdong province, stated that the funds would support technological advancements and the development of Zhipu AI’s General Language Model (GLM).

Founded in 2019, Zhipu AI has secured funding from major tech companies such as Tencent, Meituan, and Xiaomi across more than 15 funding rounds, according to business registry data from Qichacha.

Source: TECHINASIA