StepFun, a large-scale AI startup from Shanghai, has successfully raised over 5 billion yuan ($718 million) in its B+ funding round, setting a new record for the largest single funding round in China’s large-scale AI sector.
The funding was supported by Shanghai SDIC Leading Fund, China Life Private Equity Investment, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen ITG Group, and Huaqin Technology, as well as other industry investors.
Existing shareholders Tencent Holdings, Qiming Venture Partners, and 5Y Capital also contributed. The funds will be used to develop its foundational model, build its core model, and accelerate the implementation of StepFun’s AI+terminal strategy.
