New Funding Flows in for China Startup Rivaling OpenAI’s Sora

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Shengshu unveiled its own text-to-video AI tool Vidu in April, which is taking on OpenAI’s Sora

What’s new: Beijing-based generative AI startup Shengshu Technology (生数科技) announced that it has completed a new funding round in less than three months, securing several hundred million yuan in fresh investment, as investors double down on their bets in the AI race.

The Pre-A round of fundraising was led by Baidu Inc. and the Beijing Artificial Intelligence Industry Investment Fund, with participation of ZGC Science City Ltd., Qiming Venture Partners and others, Shengshu said Wednesday, without giving the actual size of the fundraising.

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Shengshu Technology completed a Pre-A funding round, led by Baidu Inc. and Beijing AI Industry Fund, securing several hundred million yuan.
The funds will support the development and optimization of multimodal technology and accelerate market expansion.
Shengshu launched Vidu, a text-to-video AI tool, taking on OpenAI’s Sora and standing out for generating high-definition, 16-second videos.

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Who’s Who

Shengshu Technology: Shengshu Technology, a Beijing-based generative AI startup founded in March 2023 by scientists from Tsinghua University, focuses on multimodal large model development including images, 3D, and video. It recently secured several hundred million yuan in a Pre-A funding round led by Baidu and the Beijing Artificial Intelligence Industry Investment Fund. Shengshu's products include the Vidu text-to-video AI tool, which rivals OpenAI's Sora. The funds will aid in technology development and market expansion.

Baidu Inc.: Baidu Inc. is a leading Chinese multinational technology company specializing in internet-related services, products, and artificial intelligence. It was a lead investor in the recent Pre-A funding round for Beijing-based generative AI startup Shengshu Technology.

Beijing Artificial Intelligence Industry Investment Fund: The Beijing Artificial Intelligence Industry Investment Fund led the recent Pre-A funding round for the generative AI startup Shengshu Technology. This investment reflects the fund's commitment to advancing AI technology, particularly in supporting the development of general-purpose multimodal technology and AI models. The fund is part of a collective effort by multiple investors to enhance China's position in the competitive AI industry.

ZGC Science City Ltd.: ZGC Science City Ltd. is one of the participants in Shengshu Technology's Pre-A round of fundraising. It operates in the realm of science and technology investment, aligning with prominent AI-driven ventures, particularly in Beijing.

Qiming Venture Partners: Qiming Venture Partners is an investor in Beijing-based AI startup Shengshu Technology. They participated in Shengshu's Pre-A funding round, as well as a previous funding round in March. Qiming Venture Partners is one of several venture capital groups showing increased interest in multimodal AI technology, following the release of OpenAI’s text-to-video model Sora.

Delta Capital: The article mentions Delta Capital as one of the investors who participated in Shengshu Technology's funding round in March. However, it does not provide detailed information about Delta Capital itself. For more specifics on Delta Capital, further research would be required.

Zhipu AI: Zhipu AI is mentioned as one of the investors in Shengshu Technology's earlier funding round in March. It is part of a group including Qiming Venture Partners, Delta Capital, and Baidu Ventures. The context indicates that Zhipu AI is involved in the AI industry, likely investing in startups with potential in multimodal large model development and applications.

Baidu Ventures: The article mentions that Baidu Ventures, alongside other investors, contributed to Shengshu Technology's funding round in March. However, further specific details about Baidu Ventures are not provided within the article. For more comprehensive information, contact reporter Han Wei at weihan@caixin.com.

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What Happened When

March 2023：: Shengshu Technology was established by scientists from Tsinghua University’s Institute for Artificial Intelligence.

February 2024：: OpenAI unveiled its text-to-video model Sora, which can generate videos up to one minute in length.

March 2024：: Shengshu received several hundred million yuan from a group of investors including Qiming Venture Partners, Delta Capital, Zhipu AI and Baidu Ventures.

April 2024：: Shengshu unveiled its own text-to-video AI tool Vidu.

Wednesday, June 5, 2024：: Shengshu announced that it has completed a Pre-A round of fundraising led by Baidu Inc. and the Beijing Artificial Intelligence Industry Investment Fund.

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