Alibaba Backs $2.8 Billion Firm in Third Major AI Deal of 2024

(Bloomberg) –Alibaba Group Holding Ltd. has participated in new financing of 5 billion yuan ($691 million) for Chinese startup Baichuan, inking its third major AI deal this year as the e-commerce firm looks beyond its core business for growth.

Baichuan is now valued at 20 billion yuan after obtaining funding recently from the Beijing, Shanghai and Shenzhen governments, the startup said Thursday in a statement. They were joined by existing investors include Tencent Holdings Ltd. and Xiaomi Corp.