Series D (seeking) closed June 2026.[2][3][6]

post-money valuation is not publicly disclosed.

Named investors include Alibaba, Tencent, HongShan (Sequoia China), IDG Capital, 5Y Capital, ZhenFund, Long-Z Investments (Meituan), Tsinghua Capital, China Mobile, CPE Yuanfeng, CITIC Private Equity Funds, Andon Hong Kong, Cathay Capital, Gaorong Ventures.[1][4][5][8]

Yang Zhilin, Founder & CEO[1][4]

Zhou Xinyu, Co-founder[1][4]

Wu Yuxin, Co-founder[1][4]

DeepSeek · deepseek.com · Same buyer (Chinese AI model consumers and enterprises), same job to be done (open-weight LLMs), and named together in market maps as the two principal Chinese frontier-AI commercial bets.[1][3][4]

Zhipu AI (Knowledge Atlas Technology) · z.ai · Same buyer, same job to be done, and directly compared as a listed peer trading at ~$63B market cap in Hong Kong.[1][2][3]

MiniMax · minimax.com · Same buyer, same job to be done, and directly compared as a listed peer trading at ~$16B in Hong Kong.[1][2][3]

OpenAI · openai.com · Same job to be done (frontier LLMs for consumers and enterprises) and named as a direct competitor by TechCrunch.[1]

Anthropic · anthropic.com · Same job to be done (frontier LLMs) and named as a direct competitor by TechCrunch.[1]

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