Chinese AI startup Zhipu AI has raised over 1 billion yuan (Rs 1,140 crore) in fresh funding amid rising competition, especially from DeepSeek.

State-backed investors, including Hangzhou City Investment Group Industrial Fund and Shangcheng Capital, participated in the round.

The funds will support the development of Zhipu AI’s GLM large language model and expand its AI ecosystem in Zhejiang and the Yangtze River Delta.

Hangzhou, which also hosts DeepSeek, invests heavily in AI through state-owned enterprises to establish itself as a major AI hub.

Founded in 2019 and known as one of China’s “AI tigers,” Zhipu AI has completed 16 funding rounds, including a 3 billion yuan investment in December.

The company plans to launch new open-source AI models, including foundation models, inference models, multimodal models, and AI agents.

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