Stepfun, an AI startup in China, has raised approximately CNY5 billion (USD719 million) to accelerate its foundational model development in collaboration with Geely Automobile Holdings. This Series B+ funding round attracted several state-owned investors, including Shanghai SSCI Leading Private Equity Fund Management and China Life Private Equity Investment, alongside existing backers like Tencent and Qiming Venture Partners. The company announced the appointment of Yin Qi, a seasoned entrepreneur and co-founder of Megvii Technology, as its chairman. Yin’s experience includes leading smart driving firm Qianli Technology, which is also backed by Geely. He aims to foster collaboration between Stepfun and Qianli as they implement the “AI + terminal” strategy. Founded in 2023 by Jiang Daxin, a former Microsoft executive, Stepfun focuses on AI models and commercial applications across vehicles, phones, and robots. The startup has already partnered with Geely on smart cockpit technology for various vehicle models.
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