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Win 7 startup apps10/6/2023 ![]() Its fundraising highlights growing investor interest in what could be China's answer to OpenAI, even as venture capital investment faces pressures in the country amid a teetering economic recovery and U.S. MiniMax was founded in 2021 by some former employees of SenseTime (0020.HK), including Yan Junjie - a former vice president at the Chinese AI firm, two other people said. ![]() MiniMax and Tencent (0700.HK) did not respond to a Reuters request for comment. MiniMax's latest fundraising drew in new investors such as an entity linked to technology giant Tencent, two people said, on condition of anonymity as the information was not public. The deal comes amid a global AI buzz kicked off by ChatGPT that has spread to China, shoring up stocks in artificial intelligence firms and prompting a flurry of domestic companies, such as Alibaba (9988.HK), Huawei (HWT.UL), and Baidu (9888.HK), to announce rival products. BEIJING/HONG KONG, June 1 (Reuters) - Chinese startup MiniMax, working on AI solutions similar to that of Microsoft-backed OpenAI's ChatGPT, is close to completing a fundraising of more than $250 million that will value it at about $1.2 billion, people familiar with the matter said.
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