Chinese Tech Giants Bet $342 Million on Homegrown AI Startup Zhipu to Rival ChatGPT
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Alibaba, Tencent and other major Chinese backers invest $342 million in AI start-up Zhipu AI this year.
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Zhipu AI is developing its own large language model to compete with ChatGPT.
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The startup's valuation reached $1 billion after a funding round involving Alibaba and Tencent.
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Zhipu AI was one of the first Chinese chatbot services approved for public rollout by the government.
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The startup was founded in 2019 based on research from Tsinghua University, where the CEO earned his PhD.
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