06 Mar Alibaba said to lead new financing round for Chinese AI firm MiniMax that would value the start-up at over US$2 billion
Posted at 00:00h
in Asia
Shanghai-based MiniMax, which was founded in 2021, is in the process of raising new funding that would value the company at more than US$2 billion, another investor with knowledge of the matter said. The two investors requested anonymity because they are not authorised to speak to the media.
A report by Bloomberg on Tuesday said MiniMax was looking to raise at least US$600 million in its latest funding round. MiniMax and Alibaba, owner of the South China Morning Post, did not immediately respond to requests for comment on Tuesday.
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The latest financing effort by MiniMax shows that interest in generative AI start-ups remains strong in mainland China, which led global investments into such firms in the first half of 2023.