Kuaishou Secures Nearly $3 Billion for AI Video Unit

Kuaishou Technology has secured 19 billion yuan ($2.8 billion) for its artificial intelligence (AI) video-generation unit, Kling AI, in a funding round that values the business at $15 billion before the investment. 

The financing, which remains open to additional investors, aims to raise a total of $3 billion in exchange for a 16.7% stake in the business. Kuaishou said the round is the largest ever completed by a developer of AI video models globally, marking the formal launch of Kling AI as an independently commercialized business. The proceeds will be used for business expansion, operations, working capital and team building.