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Qiming Venture Partners is aiming to raise $800 million for a new fund, with a potential cap of $1 billion, amid increasing interest in AI startups in China. Founded in 2006, the firm has raised a total of $9.5 billion and has seen 12% of its nearly 580 portfolio companies go public.
Qiming Venture, a backer of Xiaomi, is set to invest $800 million into Chinese AI startups. This significant funding aims to bolster the growth of the AI sector in China, reflecting the increasing interest and potential in the technology landscape.
Financial markets stabilized last week as tariff concerns eased and major central banks held interest rates steady. The US faces challenges with elevated equity valuations, while the Hang Seng Index struggled to maintain momentum. Key economic indicators, including US Q4 GDP and PCE inflation data, are anticipated this week amid rising stagflation concerns.
Chinese AI startup Zhipu AI has secured a 300 million yuan (US$41.5 million) investment from a government-backed fund in Chengdu, part of a national initiative to enhance domestic AI capabilities. Founded in 2019, the company, valued at 20 billion yuan (US$2.77 billion) as of July 2024, plans to develop a regional AI model for Sichuan province and expand its infrastructure. However, Zhipu AI and its subsidiaries were added to the US export control list in January, limiting their access to US components.
Xiaomi Auto has achieved a significant milestone with 200,000 vehicle deliveries in under a year since its launch. In response to strong market demand, the company has increased its 2025 delivery target to 350,000 units, while enhancing production and advancing technologies in fast charging and autonomous driving.
The FCC and Senator Tom Cotton are urging European telecoms to sever ties with Huawei due to security concerns linked to the Chinese government. Despite the EU's agreement to restrict high-risk suppliers, less than half of its member states have taken action, as Huawei's cost-effective equipment poses a challenge for operators. Meanwhile, U.S. tariffs may lead allies to reconsider military orders and potentially boycott American tech brands in favor of alternatives from companies like Samsung and Xiaomi.
China's electric vehicle (EV) sector is thriving despite a stagnant domestic economy and tariffs from the US and EU. Companies like Xiaomi, Geely, Nio, and Xpeng reported increased vehicle deliveries in 2024, with a notable 46% rise in EV exports at the start of 2025. Nio saw a 45% increase in sales volumes, although it continues to face challenges from price competition and tariff impacts.
Tesla plans to launch a more affordable Model Y in China by 2026, utilizing existing production lines to cut costs by at least 20%. The current Model Y starts at 263,500 yuan (US$36,351), and the Shanghai facility will focus on the domestic market to enhance competition against local EV manufacturers. While production in North America and Europe is under consideration, no specific timelines have been announced.
Zhipu AI, a Chinese AI startup founded in 2019, has secured approximately $69.04 million in funding from state-owned Huafa Group, announced on March 13. This investment follows a recent 1 billion yuan raise from various investors, including Hangzhou City Investment Group. The funds will enhance Zhipu AI's technological advancements and support the development of its General Language Model (GLM).
Xiaomi has announced that its Android smartphones sold in India will come preinstalled with PhonePe’s Indus Appstore, replacing the GetApps platform. This multi-year partnership aims to cater to Indian users with support for 12 local languages and over 500,000 apps, while the Google Play Store will still be available. PhonePe does not charge developers fees for in-app purchases, although it has not disclosed performance metrics for the app store.
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Qiming Venture Partners aims to raise 800 million amid AI boom
03:45 25.03.2025
Qiming Venture plans to invest 800 million in Chinese AI startups
17:14 24.03.2025
financial markets stabilize amid tariff easing and central bank rate decisions
02:38 24.03.2025
Chinese AI startup Zhipu AI secures 41.5 million from government fund
05:10 20.03.2025
Xiaomi Auto achieves 200000 deliveries and raises 2025 target to 350000
09:59 18.03.2025
us efforts to persuade europe to abandon huawei face resistance
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21:25 17.03.2025
Chinese electric vehicle makers thrive amid tariffs and economic challenges
08:50 17.03.2025
Tesla to introduce affordable Model Y in China by 2026
04:20 15.03.2025
Chinese AI startup zhipu ai secures 69 million investment from state-owned firm
05:00 14.03.2025
Xiaomi partners with PhonePe to preinstall Indus Appstore on smartphones in India
03:00 14.03.2025
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