Shanghai-based MiniMax, which was founded in 2021, is in the process of raising new funding that would value the company at more than US$2 billion, another investor with knowledge of the matter said. The two investors requested anonymity because they are not authorised to speak to the media.
A report by Bloomberg on Tuesday said MiniMax was looking to raise at least US$600 million in its latest funding round. MiniMax and Alibaba, owner of the South China Morning Post, did not immediately respond to requests for comment on Tuesday.
The latest financing effort by MiniMax shows that interest in generative AI start-ups remains strong in mainland China, which led global investments into such firms in the first half of 2023.
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