MiniMax, a Chinese startup developing a ChatGPT-like solution, is nearing completion of raising funds of over $250m, reported Reuters, citing sources.
The latest funding round could value the company at about $1.2bn.
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According to sources, new investors including a Tencent-backed entity will participate in the investment round.
The company was founded by some former employees of the Chinese AI firm SenseTime in 2021. Sources said that founding members include SenseTime’s former vice president Yan Junjie.
Initial funding in MiniMax came from the developer of the “Genshin Impact” game, miHoYo.
According to disclosures made by the venture capital funds, other early investors in it included China’s Yunqi Partners and Future Capital.
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By GlobalDataCurrently, the Glow app by MiniMax lets users create virtual characters, give them backstories, and then converse with them about subjects, such as relationship advice and how to deal with hair loss.
The AI model utilised by MiniMax can be used for a wide range of other tasks too.
Requests for comment from Tencent and MiniMax were unanswered, reported the news agency.
The fundraising highlights growing investor interest in what could be China’s answer to Microsoft-backed OpenAI, the creator of ChatGPT.
Launched in November 2022, ChatGPT has triggered an AI race, pushing Chinese technology giants such as Baidu, Alibaba and Huawei to launch similar products.
Chinese technology startups such as MiniMax are also hopping onto the AI bandwagon.
