(Bloomberg) — Chinese AI startup Baichuan is valued at 20 billion yuan ($2.8 billion) after its latest round of fundraising, as Beijing seeks to boost the Asian country’s capabilities in emerging technologies to combat US restrictions.
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Baichuan raised 5 billion yuan in the latest round with funding from the governments of Beijing, Shanghai and Shenzhen, the company said in a statement on Thursday. They were joined by existing investors including Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Xiaomi Corp.
Earlier this year, Chinese President Xi Jinping said his country needs to step up innovation because other countries dominate certain key technologies, comments that underscore his country’s growing semiconductor confrontation with the US.
–With assistance from Vlad Savov.
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