Saudi Aramco launched the Prosperity 7 Fund in 2022 with a capital of $1 billion.
Newspaper reported “Financial Times ”Today, a Saudi fund has provided financial support to the most prominent companies artificial intelligence startup in China, becoming the only foreign investor in the country’s efforts to create a local competitor to Open AI.
“Prosperity 7” Fund, the investment arm of “Prosperity 7”, participated Aramco Saudi Arabia“, in a $400 million financing round for the Chinese artificial intelligence technology startup “Shibo AI,” making the Saudi fund the only foreign investor in the $3 billion company.
Saudi Aramco launched the Prosperity 7 Fund in 2022 with a capital of $1 billion.
Previously, due to US restrictions, China’s nascent generative AI sector was forced to rely on domestic financing, making Prosperity 7’s investment the first high-profile example of a foreign backer throwing its weight behind one of the big four AI companies. Obstetric artificial.
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Shippo and its closest competitors AI.01, MiniMax and Moonshot AI have been relying on support from government funds and major local cloud providers.
Prosperity 7, which manages $3 billion in funds, was a minority investor in Shippo’s round.
Washington announced a ban last year on some US investments in the Chinese artificial intelligence sector and tightened export controls on advanced chips used to train and operate artificial intelligence models.
