TECH - Alibaba's $1B Bet on AI Start-Up Moonshot Marks Major Push into Generative Tech | Benzinga
Alibaba Group Holding Ltd (NYSE:BABA) spearheaded the most significant financing round in a Chinese artificial intelligence startup, showcasing its renewed focus on growth through substantial investments.
The e-commerce giant led a $1 billion investment in Moonshot AI alongside existing investor Monolith Management, significantly increasing the startup’s value to approximately $2.5 billion.
This move places Alibaba among other significant players like Tencent Holdings Ltd (OTC:TCEHY) and Microsoft Corp (NASDAQ:MSFT), splurging in generative AI technologies such as those behind ChatGPT, Bloomberg reports.
Moonshot AI, founded in March 2023 and known for its generative AI development in China, aims to rival entities like OpenAI and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google.
Following the launch of its ...