Chinese AI startup Zhipu raises $412M in new funding round – report
Chinese AI startup Zhipu raised an additional 3B yuan ($412 million) to boost its artificial intelligence development efforts, Bloomberg News reported.
The Beijing-based company has more than doubled its commercial revenue this year, the report added.
In October 2023, Alibaba (BABA) and Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) were among the investors that had invested 2.5B yuan in Zhipu.
In May, a venture investment arm of Saudi Aramco had taken part in a $400M funding round, valuing the AI company at about $3B, the report noted.
The company has developed an AI assistant called ChatGLM and large language models, or LLMs, such as GLM-4.
Generative AI services have become the talk of the town since the launch of OpenAI’s ChatGPT in 2022. Globally, companies have launched their own LLMs which can provide services such as content, image, video and voice generation, to name a few.