Chinese AI Startup Zhipu AI Secures $69 Million in State-Backed Funding Amid US Restrictions
Key Points Zhipu AI secured 500 million yuan from the state-owned Huafa Group, following a 1 billion yuan funding round earlier this month. Zhipu AI, founded in 2019, has received investments from Tencent, Meituan, and Xiaomi. The company was valued at 20 billion yuan ($2.76 billion) in July 2024. In January, the U.S. Commerce Department added Zhipu AI to its export control list, restricting access to U.S. components. Chinese artificial intelligence startup Zhipu AI has received 500 million yuan ($69.04...