Insider Brief

• Beijing Zhipu Huazhang Technology, a Chinese AI-related company, raised over 2.5 billion yuan ($341.82 million) in 2023.
• Major Chinese tech companies including Alibaba, Tencent, Meituan, and Xiaomi participated in the funding.
• Investment firms Hillhouse and Legend Capital also contributed to the funding round.

PRESS RELEASE — BEIJING, October 20, 2023/(Reuters) — Chinese artificial intelligence-related firm Beijing Zhipu Huazhang Technology said on Friday it has raised over 2.5 billion yuan ($341.82 million) this year.

Investors have included Chinese tech giants Alibaba (9988.HK), Tencent (0700.HK), Meituan (3690.HK), Xiaomi (1810.HK), as well as Hillhouse and Legend Capital, Zhipu said.

($1 = 7.3137 Chinese yuan renminbi)

SOURCE