Baichuan AI, Backed by BABA, TENCENT, XIAOMI, Completes RMB5B Fundraising

Baichuan AI raised RMB5 billion in its Series A financing round, with investors including $BABA-W (09988.HK)$ , $TENCENT (00700.HK)$ , $XIAOMI-W (01810.HK)$ , and state-owned industrial investment funds like the Beijing and Shanghai Artificial Intelligence Industry Investment Funds. The company plans a Series B round with a valuation of RMB20 billion. Founded last year by Wang Xiaochuan, the creator of Sogou, Baichuan AI aims to establish a Chinese version of OpenAI.