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According to a Bloomberg report, the Chinese artificial intelligence developer Moonshot AI is aiming to raise up to $1 billion in an expanded funding round. This financing effort would value the company at approximately $18 billion, representing a substantial increase from its valuation earlier this year.
The company, known for its Kimi chatbot, began discussions for this new round after securing over $700 million in funding at a $10 billion valuation. That earlier round itself marked a significant rise from a valuation of $4.3 billion set toward the end of the previous year. Backers such as Alibaba and Tencent increased their investments at the $10 billion level. The participants in the latest fundraising effort are not publicly known, and a company spokesperson did not comment on the matter.
The rapid pace of Moonshot’s valuation growth highlights strong investor interest in Chinese AI startups competing with established global leaders. Other rivals in the region have recently been valued between $30 billion and $40 billion. Part of the sector’s momentum was driven by the popularity of an open-source agent, which led several Chinese cloud providers and AI firms to launch similar offerings.
Moonshot moved to capitalize on this trend with the launch of its own product, Kimi Claw, which utilizes its latest AI model. Following that launch, the company’s monthly sales reportedly surpassed its total revenue for the entire preceding year. The company was founded by a former professor who had worked on AI projects at major technology firms. It sells subscription plans for its chatbot and provides its underlying technology to enterprise clients, though it is noted to trail some domestic competitors in commercialization efforts.
As Chinese AI model developers expand their reach, they have faced increased scrutiny. Last month, another AI firm accused Moonshot and several rivals of improperly using its model’s outputs to enhance their own products through a method known as distillation.
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