StepFun Breaks Records With Massive Funding Round

Shanghai-based AI company StepFun announced today what industry insiders are calling a "game-changing" 5 billion yuan ($700 million) Series B+ funding round. This staggering investment sets a new benchmark for China's booming large model sector.

The financing consortium reads like a who's who of Chinese investment powerhouses, led by state-backed Shangguo Investment and Guoshou Equity. Existing heavyweights Tencent and Matrix Partners doubled down on their bets too. These funds will turbocharge StepFun's development of cutting-edge foundational models and accelerate their "AI + Terminal" strategy.

Leadership Shakeup Brings Tech Luminary Aboard

In what analysts describe as a coup for the young company, Megvii Technology founder Yin Qi officially joined StepFun as chairman today. Known as one of China's most visionary AI entrepreneurs, Yin will steer the company's strategic direction.

"Yin Qi's arrival completes our dream team," said Jiang Daxin, StepFun's CEO. The leadership roster now reads like an AI all-star lineup:

• Yin Qi (Chairman)
• Jiang Daxin (CEO)
• Zhang Xiangyu (Chief Scientist)
• Zhu Yibo (CTO)

From Phones to Cars: AI Goes Mobile

The company isn't just raising eyebrows with its financials - its technology is making serious waves too. StepFun has cracked the code on "end-to-cloud collaboration," with its models now humming away on more than 42 million mobile devices.

But smartphones are just the beginning. The company is racing to deploy its large models in automotive applications, particularly smart cockpits that could redefine how we interact with our vehicles.

Key Points:

• Record-breaking 5B yuan Series B+ funding secured
• Yin Qi, Megvii founder, joins as chairman
• Models deployed on 42M+ devices
• Automotive applications represent next frontier