Chinese AI startup Zhipu secured over 1 billion yuan in funding, led by Hangzhou government-backed firms, highlighting rising interest in local AI after DeepSeek's success, the Standard reported on Monday.
The round included Hangzhou Municipal Construction Investment Group and Shangcheng Capital, alongside existing backers Alibaba (HKG:9988) and Tencent (HKG:0700).
Zhipu, last valued at US$3 billion in May 2024, announced its latest funding via WeChat without details. Despite facing U.S. trade restrictions, Zhipu remains focused on AI development, stating, "We will unveil new models this year and open-source them."
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