LiblibAI Parent Evoken Valued at Over USD2 Billion After New Funding Round(Yicai) June 18 -- Evoken, the parent company of a major Chinese artificial intelligence image creation and sharing platform LiblibAI, has completed a USD300 million Series B+ funding round, valuing the company at more than USD2 billion.
The financing underscores continued investor interest in China's AI content-generation sector. The round was jointly led by Singapore-based Granite Asia, Tencent Holdings, and Shunwei Capital, the venture capital firm founded by Xiaomi Chairman Lei Jun. Existing investors, including Ant Group and Hongshan Capital Group, also participated.
The Beijing-based company said today that it will use the proceeds to increase investment in research and development, expand its global presence, enhance the capabilities of its AI creative products, and further build out its product portfolio. The goal is to strengthen Evoken's competitiveness and broaden its global user base.
Evoken, formerly known as Qidian Xingyu Technology, has rapidly expanded beyond its flagship image-generation platform and is positioning itself as a diversified AI creative-content technology group. Earlier this month, the company adopted Evoken as its corporate name and said it plans to continue expanding across multiple AI content-creation categories.
Founded in 2023 by Chen Mian, who previously oversaw the commercialization of video-editing app CapCut at ByteDance, Evoken's LiblibAI platform has grown into one of China's largest AI image-resource libraries and creator communities, with more than 30 million cumulative users.
In October last year, LiblibAI announced the completion of a USD130 million Series B funding round led by Hongshan Capital, CMC Capital, and an undisclosed strategic investor.
Building on LiblibAI's success, the company's development team launched AI design tool Xingliu in July last year and AI video-creation platform LibTV in March this year.
As of May, Evoken's annual recurring revenue had reached USD300 million, more than 30 times the level of a year earlier, the company said.
Editor: Emmi Laine
