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 $250 million that will value it at about $1.2 billion, people familiar with the matter said.
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., said he has founded a new AI company called Beijing Lightyear Technology with $50 million from investors.
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.
Its other early investors include China's Yunqi Partners and Future Capital, statements from the venture capital funds show.MiniMax's app, Glow, currently allows users to create virtual characters, give them background stories and then chat with them about topics ranging from relationship advice to how to deal with hair loss. MiniMax's AI model can also be used to solve a wide range of tasks.
"Of course, it was early-stage development, but the remarks were quite surprising to me since I held Baidu in high regard."Our Standards:
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