RTR: Chinese AI startup Baichuan raises $300m from Alibaba, Tencent, others

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REUTERS reports:

Chinese artificial intelligence (AI) startup Baichuan has raised $300 million from investors including Chinese tech giants Alibaba (9988.HK) and Tencent (0700.HK), it said on Tuesday.

The company said on its WeChat account that the round followed an early $50 million angel round. The investors include smartphone maker Xiaomi (1810.HK) and other investment firms, it added.

China’s craze over generative AI has triggered a flurry of product and fundraising announcements from startups and tech giants, as the industry races to find a homegrown rival to Microsoft-backed OpenAI’s ChatGPT. Investors have warned, however, that a shakeout is imminent as cost and profit pressures grow.

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