- Alibaba leads a $600 million funding round for social AI startup MiniMax.
- The investment, valuing MiniMax at $2.5 billion, highlights Alibaba’s growing AI ambitions.
- Alibaba plans to integrate AI across its diverse business units, from cloud to entertainment.
Alibaba invests in MiniMax for AI
Alibaba, the Chinese e-commerce giant, continues to solidify its position in the burgeoning AI landscape.
The company recently led a funding round of over $600 million for MiniMax, a China-based startup specializing in social AI and virtual characters.
This investment values MiniMax at an impressive $2.5 billion and marks Alibaba’s second major AI startup investment this year, following a $1 billion round for Moonshot AI.
MiniMax has gained recognition for its AI companion and interactive virtual character applications, including Talkie for international markets and Xing Ye for China.
The startup previously raised $250 million from a Tencent-backed entity and others in June 2022, highlighting the growing interest in social AI and immersive experiences powered by artificial intelligence.
MiniMax: leader in social AI
Alibaba’s AI ambitions extend beyond these strategic investments. The company is implementing a comprehensive plan to foster growth across its diverse business units, from cloud computing to logistics.
A key focus of this initiative is the revitalization of Alibaba’s cloud business, which currently serves approximately 80% of China’s tech companies and hosts 50% of the country’s generative AI firms.
Additionally, Alibaba aims to integrate AI, including its in-house model Tongyi Qianwen, across its operations, encompassing sectors such as entertainment.
To read the original article in its entirety: https://www.techinasia.com/alibaba-funds-another-ai-startup-at-2-5b-valuation
