MiniMax Valued Over 4 Billion USD, Backed by Shanghai State Capital, Joins the 3 Billion USD Large Model Club

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According to sources on the evening of July 14, the domestic large model company MiniMax has basically completed a new round of financing of nearly 300 million U.S. dollars, and the post-investment valuation exceeds 4 billion U.S. dollars (approximately 3 billion Chinese yuan).

This round of financing introduced a new significant shareholder - Shanghai State-owned capital. This is also the first time that MiniMax has received investment from a state-backed investor. In addition to large state-owned capital platforms, the investors in this round also include some listed companies and cross-funds. It is understood that this round of financing lasted half a year and has now been basically finalized.

After this round of financing, MiniMax became one of only two large model companies in China with a valuation of 3 billion Chinese yuan, the other being Zhipu Company.

MiniMax was founded by Yan Junjie, former vice president of SenseTime, in 2021. The company's past financing history is impressive, having received a 600 million U.S. dollar B-round investment from Alibaba, and a 250 million U.S. dollar A-round investment from Tencent Capital. Early investors also include well-known institutions such as Yunchi Capital, Hillhouse Capital, IDG, Mingshi Capital, and miHoYo.

Additionally, according to a report by Bloomberg in June this year, MiniMax is preparing to list on the Hong Kong stock exchange.

As of the time of writing, MiniMax has not responded to the news about this round of financing.