Alibaba Backs $2.5 Billion AI Firm in Second Big 2024 Deal
- Minimax scores funding from investors including HongShan
- Alibaba has spearheaded two major deals so far this year
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Alibaba Group Holding Ltd. is leading a financing round of at least $600 million for Chinese AI startup MiniMax, spearheading its second major deal in the space this year as it unleashes capital in pursuit of growth.
The two-year-old firm has secured funds from Alibaba and other investors at a valuation of more than $2.5 billion, according to people familiar with the matter. The fundraise remains in progress but Alibaba and HongShan, formerly Sequoia China, have committed to the financing, one of the people said, asking not to be identified talking about private discussions. The terms could still change because negotiations with more investors are proceeding, the people added.