BEIJING/HONG KONG : Chinese startup MiniMax, working on AI solutions similar to that of Microsoft-backed OpenAI's ChatGPT, is close to completing a fundraising of more than $250 million that will value it at about $1.2 billion, people familiar with the matter said. The deal comes amid a global AI buzz kic
BEIJING/HONG KONG : Chinese startup MiniMax, working on AI solutions similar to that of Microsoft-backed OpenAI's ChatGPT, is close to completing a fundraising of more than $250 million that will value it at about $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.
Chinese regulators have proposed greater oversight of the emerging popular technology, with some investors and advisers predicting meaningful deal activity in the country's broader AI-generated content sector in the second half of this year. Wang Huiwen, co-founder of on-demand service giant Meituan, said he has founded a new AI company called Beijing Lightyear Technology with $50 million from investors.
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