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Chinese artificial intelligence (AI) startup StepFun has raised more than 5 billion yuan ($717 million) in a new funding round, eclipsing the IPO proceeds of recently listed rivals as it pushes into hardware integration. The Series B financing round, announced Monday, exceeds the proceeds raised by ...

(Yicai) Jan. 26 Stepfun, a Chinese artificial intelligence startup working closely with car giant Geely Automobile Holdings, has secured about CNY5 billion (USD719 million) to fast track foundational model development, deploy AI agents, and explore AI driven innovative products. Investors in the ...

Shanghai based large model startup StepFun has completed a B financing round exceeding RMB 5 billion ($718 million), setting a new record for the largest single financing in China’s large model sector over the past 12 months. The round saw participation from Shanghai SDIC Leading Fund, China Life ...

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The company filed for a Hong Kong listing in October and secured Mercedes Benz’s China subsidiary as a strategic investor in December. Alongside Yin’s appointmen­t, StepFun, dubbed one of China’s “AI tigers”, said it had closed a series B plus round after raising hundreds of millions of dollars in series B at the end of 2024.

Founded in Shanghai in 2023, StepFun last raised capital just over a year ago, completing a Series B round in December 2024 with participation from SSCI, Qiming Venture Partners, Tencent, and 5Y Capital. The latest raise comes as China’s AI sector shows signs of consolidation.

Bitauto News, February 18th StepFun and Geely Automobile Group jointly announced that they will open source two Step series multimodal large models developed in collaboration to global developers.

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