On May 31, 2024, Saudi Arabia's Prosperity7 fund invested $400 million in Chinese generative AI start-up Zhipu, valuing the company at $3 billion. This investment marks Prosperity7 as the only foreign investor in Zhipu AI. The funding is seen as part of Saudi Arabia's strategy to support an ecosystem that could counterbalance US dominance in the AI sector. A source close to the fund noted that the Saudis are keen to prevent Silicon Valley from dominating the industry.
Sources: Saudi Arabia's Prosperity7 participated in a ~$400M round in Zhipu AI at a $3B valuation, making it the only foreign investor in Chinese generative AI (@eleanorolcott / Financial Times) https://t.co/Syu4od63nq https://t.co/Ve7UNiUprN
"The investment demonstrates Saudi willingness to support an ecosystem that could guard against US dominance in AI. 'The Saudis don’t want Silicon Valley dominating this industry,' said one person close to the fund." @FT https://t.co/CuN3a82sli
Exciting news in the tech industry! Learn about the Saudi Fund's $400 million investment in Chinese AI firm, Zhipu. Discover the implications of this significant financing on AI innovation. Read the full article here: https://t.co/2hZZthEq8h
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