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01.AI, led by AI pioneer Kai-Fu Lee, achieves $1B+ valuation in eight months - SiliconANGLE

Nov 06, 2023 - siliconangle.com
Chinese startup 01.AI, led by AI researcher and investor Kai-Fu Lee, has reached a valuation of over $1 billion less than a year after its launch. The company achieved this milestone after raising funds from Alibaba Group Holding Ltd’s cloud unit and other investors. 01.AI, which began operations three months after starting recruitment in March, has over 100 employees, with more than half specializing in large language models. The firm's first product is an open-source neural network called Yi-34B, which outperformed several competing models in a recent benchmark test.

The company plans to generate revenue by offering proprietary AI models alongside its open-source projects, with some models being optimized for specific industries and use cases. 01.AI also plans to release a language model with 6 billion parameters for hardware efficiency and is aiming to build language models with 100 billion to 400 billion parameters within the next 18 months. This news comes after two of 01.AI's competitors, Zhipu and Baichuan, announced major fundraising milestones.

Key takeaways:

  • 01.AI, a Chinese startup led by AI researcher Kai-Fu Lee, has achieved a valuation of over $1 billion in less than a year after launching.
  • The company achieved this valuation after raising funds from Alibaba Group Holding Ltd’s cloud unit and other investors.
  • 01.AI's first product is an open-source neural network called Yi-34B, a large language model with 34 billion parameters that can process text in English and Chinese.
  • The company plans to generate revenue by providing proprietary AI models alongside its open-source projects, with some models optimized for specific industries and use cases.
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