China’s Kling AI nears US$3 billion round at US$18 billion valuation: sources

AI Summary

China’s Kling AI, backed by Kuaishou, is nearing a US$3 billion fundraising round that would value the company at US$18 billion, reflecting intense competition in China's artificial intelligence video generation sector and a revised valuation from an initial US$20 billion target.

Kuaishou-backed Kling AI is close to completing a US$3 billion fundraising round that would value the company at US$18 billion post-investment, according to people familiar with the matter, as competition intensifies in China’s artificial intelligence video generation sector. The latest valuation was narrowed from an initial target of US$20 billion set in April, when Chinese short-video giant Kuaishou first planned to spin off Kling AI, according to a source, reflecting the shifting market...