# Startup fundraising

Alibaba and Tencent Back High‑Valued Chinese AI Startup in $700m Round as Founder Says Cash Hoard Tops ¥10bn — ‘Not IPO‑Driven’

A major Chinese AI startup raised over $700 million in a round led by Alibaba and Tencent, valuing it above $10 billion. The founder — a post‑1990s entrepreneur — said the company holds more than ¥10 billion in cash and is not pursuing an IPO, highlighting a shift toward long‑term, control‑oriented growth amid an intensely competitive AI funding surge.