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 US$250 million (S$338 million) that will value it at about $1.2 billion, people familiar with the matter said. The deal comes amid a global AI buzz kicked off by ChatGPT that has spread to...
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 US$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.
Big tech companies are already pouring massive resources into developing their own AI models, while new startups headed by big-name entrepreneurs like MiniMax are also coming onboard. Google China's former chief, Kai-Fu Lee, has unveiled his new startup — 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 startup capital of $50 million.When starting out, MiniMax received funding from miHoYo, the maker of hit game "Genshin Impact", the two other people said, without providing further details.
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