China's ModelBest Raises Over US$738 Million, Valuation Hits 20 Billion Yuan Amid Local AI Boom
The Beijing-based on-device AI firm completed its C+ Series funding round, attracting significant investor interest in the edge AI sector.
En resumen
- Beijing-based ModelBest, a key player in on-device AI, secured over 5 billion yuan (US$738 million) in funding this year, pushing its valuation to 20 billion yuan after its latest C+ Series round.
- This milestone highlights growing investor confidence in China's local AI sector.
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Por qué importa
Beijing-based ModelBest, a key player in on-device AI, has raised over 5 billion yuan (US$738 million) this year, with its valuation reaching 20 billion yuan after a recent C+ Series funding round. This funding milestone occurs amidst a surge of activity in China's local AI or edge AI sector.
Proponents said this localised approach would be a game-changer, promising faster processing, enhanced data privacy and lower operating costs.
Investors are buying in. Beijing-based ModelBest, a prominent player in on-device AI, raised more than 5 billion yuan (US$738 million) this year, according to a WeChat post by investor Shanghai Mejoy Capital.
ModelBest’s latest C+ Series funding round, completed earlier this week, propelled the firm’s valuation to 20 billion yuan, according to the post.
The start-up did not disclose the size of its latest funding round and did not immediately respond to a request for comment on Thursday.
The funding milestone comes amid a flurry of activity in China’s so-called local AI or edge AI sector.
Preguntas abiertas
- What was the exact size of ModelBest's latest C+ Series funding round?
- Who were the other investors in the C+ Series round?
