Jun 30, 2023 01:57 AM

TECH

Meituan Buys Co-Founder’s Months-Old AI Startup for $234 Million

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(Bloomberg) — Meituan is buying a co-founder’s generative AI startup for almost $234 million, a deal that gets the food-delivery giant into a Chinese race to develop ChatGPT-like services.

Meituan agreed to pay that amount in cash while also assuming startup Light Year’s roughly 367 million yuan ($51 million), according to a stock exchange filing. The Chinese company will inherit about $285 million of cash.

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