🔥 Chinese Rival to ChatGPT Raises an Additional $300 Million
posted 5 Aug 2024
The Chinese artificial intelligence startup Moonshot has successfully completed another funding round, attracting over $300 million and raising the company’s valuation to $3.3 billion. Notable investors include major tech and financial firms such as Tencent, Alibaba, and Gaorong Capital.
Previously, Moonshot was reported to be actively seeking funding to achieve a valuation of $3 billion. While representatives from the investment firms declined to comment or ignored inquiries from Bloomberg, sources claim that some of the funding came with specific stipulations.
For instance, one condition requires Moonshot to spend a certain percentage of Alibaba's investment on purchasing Alibaba’s own cloud computing services. Nevertheless, Moonshot’s developers are confident that they can create a viable alternative to ChatGPT, especially given their status as one of the five fast-growing Chinese AI startups.
The trend of investing in artificial intelligence gained momentum last year following the success of OpenAI. Unlike most other investors, Chinese companies are focusing on funding local developments and startups. For example, in February, Alibaba led a funding round that raised $1 billion for Moonshot.
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