TECH - Alibaba Amplifies AI Investment Valuing MiniMax Over $2.5B in Latest Financing Round | Benzinga
Alibaba Group Holding Ltd (NYSE:BABA) is taking the lead in a financing round that aims to raise at least $600 million for the Chinese AI startup MiniMax, marking its second significant investment in artificial intelligence this year as it seeks avenues for growth.
This investment positions MiniMax, a two-year-old company focusing on generative AI similar to ChatGPT, at a valuation of over $2.5 billion, with both Alibaba and HongShan (formerly Sequoia China) committing to the financing.
This initiative reflects Alibaba’s strategy to invest in emerging leaders within the AI sector, mirroring its previous $1 billion investment in Moonshot AI, which also valued the startup at around $2.5 billion, Bloomberg reports.
The investment spree indicates Alibaba’s renewed focus ...