Key facts
- Alibaba Group Holding Ltd. led a $439 million Series C funding round for AI startup AIsphere.
- The funding round raised 2.98 billion yuan.
- The investment underscores a race among Chinese tech giants to invest in video-generation technology.
- Companies are investing in startups developing interactive world models to challenge ByteDance.
Alibaba Group Holding Ltd. has led a new funding round for artificial intelligence startup AIsphere, bringing the company’s Series C financing to 2.98 billion yuan ($439 million). This investment highlights the increasing focus of China’s tech giants on video-generation technology. The deal underscores a widening race among the country’s internet conglomerates to enhance their multimodal AI capabilities. Major platforms are pouring capital into startups developing interactive world models as they seek to challenge ByteDance Ltd.’s lead in the sector.