Chinese AI Unicorn Zhipu Raises $412 Million for More Firepower [Yahoo! Finance Canada]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The company, which last year drew the backing of Chinese internet leaders Alibaba Group Holding Ltd. and Tencent Holdings Ltd., announced the completion of its latest fundraising in a statement on Tuesday. It comes as Zhipu has more than doubled its commercial revenue this year, according to the statement. Zhipu is one of a half-dozen promising AI startups in China that have earned lofty valuations in the billions of dollars and significant investment from incumbent tech giants in the country. In May, a venture investment arm of Saudi Aramco joined another $400 million funding round, valuing the Beijing startup at about $3 billion. AI development has quickly escalated into a capital-intensive arms race, as the likes of Meta Platforms Inc. and Microsoft Corp. spend tens of billions of dollars each year to acquire Nvidia Corp.'s most advanced hardware. Their bet is that businesses will start to dedicate a bigger chunk of their budgets for AI services and
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