Zhipu AI Raises 1 Billion Yuan

A rundown of the news making headlines in and around China:

AI fundraising: Zhipu AI has raised more than 1 billion yuan ($137.3 million) in a fundraising round led by local government-backed firms. The artificial intelligence (AI) company said it will use the fresh funding to develop its foundation model, GLM. Zhipu AI also announced that it will release a number of open-source models this year. Over the past two years, Zhipu AI has received significant funding. In December, it completed a 3 billion yuan financing round. Investors included several strategic partners and state-owned capital, with existing shareholder Legend Capital continuing to invest.