Chinese short video giant Kuaishou said on Thursday evening that its artificial intelligence video arm, Kling AI, was seeking to raise around US$3 billion in its first external fundraising round, according to a filing to Hong Kong Exchanges and Clearing.
Baidu, Alibaba’s cloud unit, and Tencent were involved in the funding round, according to the filing. State-backed capital also participated, including the Beijing Information Industry Development Investment Fund and the Beijing Artificial Intelligence Industry Investment Fund.
Alibaba is the owner of SCMP.
Backers also include firms such as Huace Film & TV and Mango Investment in the media and entertainment industry, where the use of AI video tools is increasing.
The financing round, the largest in the world by an AI video model firm, comes at a time when competition in the global AI video sector is heating up.