BEIJING/HONG KONG: Chinese start-up MiniMax, working on AI solutions similar to that of Microsoft-backed OpenAI's ChatGPT, is close to completing a fundraising of more than US$250 million that will value it at about US$1.2 billion, people familiar with the matter said. The deal comes amid a global AI buzz
BEIJING/HONG KONG: Chinese start-up MiniMax, working on AI solutions similar to that of Microsoft-backed OpenAI's ChatGPT, is close to completing a fundraising of more than US$250 million that will value it at about US$1.2 billion, people familiar with the matter said.
MiniMax's latest fundraising drew in new investors such as an entity linked to technology giant Tencent, two people said, on condition of anonymity as the information was not public.MiniMax was founded in 2021 by some former employees of SenseTime, including Yan Junjie - a former vice president at the Chinese AI firm, two other people said.
Big tech companies are already pouring massive resources into developing their own AI models, while new start-ups headed by big-name entrepreneurs like MiniMax are also coming onboard. Google China's former chief, Kai-Fu Lee, has unveiled his new start-up - Project AI 2.0. Wang Xiaochuan, founder of China's No.2 search engine Sogou, said in April that he had founded Baichuan Intelligence with a start-up capital of US$50 million.MINIMAX'S GLOW
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