Zhipu AI, China's Competitor to OpenAI, Secures Funding from Meituan

July 20 2023
Chinese AI firm Zhipu AI has received funding from food delivery giant Meituan, which now owns a 10% stake in the company. This follows Meituan’s recent acquisition of another AI company, Light Years Beyond, for $234 million. Zhipu AI, a promising challenger to OpenAI, has developed bilingual conversational AI models, such as ChatGLM-6B. The company, spun out of Tsinghua University, plans to utilize Meituan’s investment and its 450-million user base to advance its AI capabilities and development.
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What does it mean?

  • Stake: a financial term meaning the percentage of ownership someone has in a company. For example, if someone has a 10% stake in a company, it means they own 10% of that company.
  • Spun out: the process of a company creating a new independent company out of a subset of its business.
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