(Yicai) Jan. 26 -- Stepfun, a Chinese artificial intelligence startup working closely with car giant Geely Automobile Holdings, has secured about CNY5 billion (USD719 million) to fast-track foundational model development, deploy AI agents, and explore AI-driven innovative products.

Investors in the Series B+ fundraiser included several state-owned investment institutions, including Shanghai SSCI Leading Private Equity Fund Management, China Life Private Equity Investment, and Pudong Venture Capital, Stepfun announced today. Existing shareholders Tencent Holdings, Qiming Venture Partners, and 5Y Capital also took part.

In a separate announcement on the same day, Shanghai-based Stepfun said that Yin Qi, a 38-year-old serial entrepreneur in the AI sector, has been appointed as chairman. He will join the core management team of Chief Executive Officer Jiang Daxin, Chief Scientist Zhang Xiangyu, and Chief Technology Officer Zhu Yibo.

Yin is a co-founder of unicorn Megvii Technology, which focuses on facial recognition. In 2024, he invested in and became chairman of Qianli Technology, a smart driving firm backed by Geely, formerly known as Lifan Technology.

Yin will serve as the chairman of both Stepfun and Qianli moving forward and will drive deep collaboration between the two to jointly advance the implementation of the "AI + terminal" strategy, according to Stepfun.

Established in 2023 by Jiang, ex-vice president of Microsoft, Stepfun focuses on the development of AI foundation models and building a commercial system around vehicles, phones, robots, and others. Since its inception, it has maintained close ties with Geely and Qianli, jointly developing smart cockpits used in several mass-produced Geely models.

Editors: Dou Shicong, Martin Kadiev