Alibaba Group Holding is reportedly leading a funding round for Shanghai-based AI startup MiniMax, aiming to raise the firm’s value over $2 billion, according to sources familiar with the situation.
The company, established in 2021, seeks at least $600 million in this round, indicating the strong interest in generative AI ventures within mainland China. MiniMax specializes in generative AI technologies akin to those behind ChatGPT, capable of producing diverse content based on user inputs.
This potential investment follows Alibaba’s significant backing of other AI initiatives, including a recent $1 billion funding for Moonshot AI, highlighting its strategic focus on supporting AI-driven innovation across various industries.
Alibaba CEO Eddie Wu Yongming has committed to enhancing AI infrastructure services, emphasizing a user-first and AI-driven approach. Additionally, Alibaba’s cloud division recently made its large language model Tongyi Qianwen public, aiming to democratize AI benefits for individuals and businesses alike.