Alibaba Backs $2.8 Billion Firm in Third Major AI Deal of 2024
- Baichuan joins MiniMax and Moonshot in getting Alibaba support
- China seeks to counter US curbs by investing in emerging tech
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Alibaba Group Holding Ltd. has participated in new financing of 5 billion yuan ($691 million) for Chinese startup Baichuan, inking its third major AI deal this year as the e-commerce firm looks beyond its core business for growth.
Baichuan is now valued at 20 billion yuan after securing funding recently from Beijing, Shanghai and Shenzhen governments, the startup said in a statement on Thursday. They were joined by existing investors include Tencent Holdings Ltd. and Xiaomi Corp.