Alibaba Leads Record Deal to Mint $2.5 Billion China AI Firm

Alibaba led a $1 billion funding round in Moonshot AI, a Chinese AI startup, boosting its valuation to $2.5 billion. This is the largest single financing round for a Chinese AI startup. Moonshot AI, founded in March 2023, is known for developing generative AI in China and aims to match the likes of OpenAI and Google. It launched its Kimi chatbot to the public last November and has since launched a platform for developers to build AI applications atop its model. Alibaba’s new chiefs have pledged to invest in game-changing technologies such as AI.

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