China AI Atlas
A Tech Buzz China research product
Key Takeaways
Money

Investors

Who is backing China's foundation-model labs, ranked by how many tracked labs each has invested in.

RevenueValuationFundingInvestors
Investors tracked
23
with stakes in tracked labs
Most active backer
5
Alibaba Group (阿里巴巴) — labs backed
Labs with backers
8
venture-funded labs
1
Alibaba Group (阿里巴巴)
Zhipu AI / Z.ai (智谱AI)Moonshot AI / Kimi (月之暗面)MiniMax (稀宇科技)01.AI (零一万物)Baichuan AI (百川智能)
5
labs
2
Tencent (腾讯)
Zhipu AI / Z.ai (智谱AI)Moonshot AI / Kimi (月之暗面)Baichuan AI (百川智能)StepFun (阶跃星辰)Sogou (搜狗)
5
labs
3
HongShan (formerly Sequoia China) (红杉中国)
Moonshot AI / Kimi (月之暗面)Zhipu AI / Z.ai (智谱AI)MiniMax (稀宇科技)
3
labs
4
Xiaomi (小米)
Zhipu AI / Z.ai (智谱AI)01.AI (零一万物)Baichuan AI (百川智能)
3
labs
5
Pudong Venture Capital (浦东创投)
StepFun (阶跃星辰)Zhipu AI / Z.ai (智谱AI)
2
labs
6
5Y Capital (五源资本)
StepFun (阶跃星辰)
1
labs
7
Ant Group (蚂蚁集团)
Zhipu AI / Z.ai (智谱AI)
1
labs
8
Beijing AI Industry Investment Fund (北京人工智能产业基金)
Baichuan AI (百川智能)
1
labs
9
China Big Fund (国家集成电路产业投资基金)
DeepSeek (深度求索)
1
labs
10
China Life Private Equity (国寿资本)
StepFun (阶跃星辰)
1
labs
11
Gaorong Capital (高榕资本)
Moonshot AI / Kimi (月之暗面)
1
labs
12
Hillhouse Capital (高瓴资本)
MiniMax (稀宇科技)
1
labs
13
Huajin Capital (华金资本)
DeepSeek (深度求索)
1
labs
14
IDG Capital (IDG资本)
Moonshot AI / Kimi (月之暗面)
1
labs
15
Meituan (美团)
Zhipu AI / Z.ai (智谱AI)
1
labs
16
miHoYo (米哈游)
MiniMax (稀宇科技)
1
labs
17
Prosperity7 (Saudi Aramco)
Zhipu AI / Z.ai (智谱AI)
1
labs
18
Qiming Venture Partners (启明创投)
StepFun (阶跃星辰)
1
labs
19
Shanghai SSCIC / Shanghai Guotou (Fortera) (上海国投 / 上海国际集团)
StepFun (阶跃星辰)
1
labs
20
Shenzhen Capital Group (深创投)
Baichuan AI (百川智能)
1
labs
21
Sinovation Ventures (创新工场)
01.AI (零一万物)
1
labs
22
Zhangjiang Group (张江集团)
Zhipu AI / Z.ai (智谱AI)
1
labs
23
Zhejiang Oriental (浙江东方)
DeepSeek (深度求索)
1
labs