AsianFin -- Chinese AI startup Zhipu AI has secured 300 million yuan ($41.5 million) in investment from a Chengdu government-backed fund, according to a report by state media outlet The Beijing News on Wednesday.
This marks the latest effort by Chinese cities to bolster domestic AI development amid growing competition with the United States.
The funding from Chengdu Hi-Tech Industrial Development Zone follows two other investment rounds Zhipu secured this month from various local governments. These investments reflect a broader trend of Chinese cities ramping up support for AI firms as they aim to strengthen the country's position in the global AI race.
Zhipu's funding spree underscores the strategic importance of AI development in China, with local governments actively backing homegrown tech companies to drive innovation and maintain competitiveness in the rapidly evolving AI landscape.
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