Kuaishou's Kling AI seeks US$3 billion in record funding round
Kuaishou, a prominent Chinese short video platform, revealed on Thursday that its AI division, Kling AI, plans to raise approximately $3 billion in its initial external funding round. This will mark the largest such fundraising endeavor for any AI video model globally. Notable investors include major tech firms like Baidu, Tencent, and Alibaba's cloud services, alongside state-supported funds like the Beijing Information Industry Development Investment Fund. Additionally, media companies such as Huace Film & TV and Mango Investment are participating. This move underscores the escalating competition in the global AI video market, as reported by the South China Morning Post.
Key facts
- Kuaishou filed the fundraising plan on Thursday evening.
- Kling AI seeks to raise around US$3 billion.
- This is Kling AI's first external fundraising round.
- Investors include Baidu, Alibaba's cloud unit, and Tencent.
- State-backed funds include Beijing Information Industry Development Investment Fund and Beijing Artificial Intelligence Industry Investment Fund.
- Media and entertainment firms Huace Film & TV and Mango Investment also participated.
- The filing was made to Hong Kong Exchanges and Clearing.
- It is the largest funding round by an AI video model firm globally.
Entities
Institutions
- Kuaishou
- Kling AI
- Hong Kong Exchanges and Clearing
- Baidu
- Alibaba
- Tencent
- Beijing Information Industry Development Investment Fund
- Beijing Artificial Intelligence Industry Investment Fund
- Huace Film & TV
- Mango Investment
- South China Morning Post
Locations
- Hong Kong
- China
- Beijing