Chinese artificial intelligence (AI) startup Baichuan announced it successfully raised an impressive $300 million in funding. The VC funding round saw participation from major Chinese tech giants, Alibaba and Tencent, affirming the industry’s growing enthusiasm for AI innovation.
Baichuan revealed this funding round on its official WeChat account, indicating that it followed an initial $50 million angel round. Notably, the investors in this round also included smartphone manufacturer Xiaomi and various other investment firms, showcasing broad interest and confidence in Baichuan’s potential.
China’s burgeoning interest in generative AI has spurred a surge of product launches and fundraising activities from both startups and established tech behemoths, all racing to develop a homegrown rival to OpenAI’s ChatGPT. However, investors have sounded a cautionary note, anticipating an impending shakeout as cost and profit pressures continue to escalate within the industry.
Founded by Wang Xiaochuan, the visionary behind the Sogou Inc internet search engine, Baichuan holds the distinction of being one of the pioneering companies granted approval by China for the release of a public chatbot. This approval was granted in late August, underscoring Baichuan’s prominence in the evolving AI landscape.