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Zhipu,Movies one of China’s most promising challengers to OpenAI, has completed a new funding round, raising 3 billion yuan ($412 million), according to Chinese media outlet 36Kr. The investment round included participation from several strategic investors and state-owned enterprises, with existing investors—such as Junlian Capital—continuing to back the company. The funds will be used to advance the company’s base model, expanding its capabilities from simple question answering to handling complex, multi-modal tasks. In 2024, Zhipu reported a surge in commercial revenue, achieving more than 100% growth. On the enterprise side, its MaaS platform, http://bigmodel.cnbigmodel.cn>API, experienced a more than 30-fold year-on-year increase in revenue after API prices were significantly lowered. On the consumer front, the company’s conversational AI model, Qingyan, launched in the third quarter of 2024, is expected to generate more than 10 million yuan in annual revenue, with the platform already amassing over 25 million users. Founded using technology developed at Tsinghua University’s Department of Computer Science, Zhipu AI previously partnered with Intel and Mechanical Revolution to launch CODE AI, a programming tool for developers. The device, pre-installed with Zhipu’s CodeGeeX NANO, operates entirely on local computing power using Intel’s Core Ultra processor. [36Kr, in Chinese]

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