Alibaba Backs $2.5 Billion AI Firm in Second Big 2024 Deal
Mar 05, 2024 - bloomberg.com
Alibaba Group Holding Ltd. is leading a financing round of at least $600 million for Chinese AI startup MiniMax. This marks Alibaba's second major investment in the AI sector this year as it continues to pursue growth. The two-year-old startup has secured funds from Alibaba and other investors at a valuation of over $2.5 billion.
The fundraising is still ongoing, with Alibaba and HongShan, formerly Sequoia China, having committed to the financing. The terms of the deal may still change as negotiations with more investors continue.
Key takeaways:
Alibaba Group Holding Ltd. is leading a financing round of at least $600 million for Chinese AI startup MiniMax.
This is Alibaba's second major deal in the AI sector this year as it seeks to fuel growth.
MiniMax has secured funds from Alibaba and other investors at a valuation of more than $2.5 billion.
Alibaba and HongShan, formerly Sequoia China, have committed to the financing, but negotiations with more investors are still ongoing.
