---
title: "Chinese AI Startup Stepfun Raises USD718.8 Million to Boost Foundation Models Development, Terminal Agents Use"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/273669272.md"
description: "Stepfun, a Chinese AI startup, has raised approximately USD718.8 million (CNY5 billion) to enhance foundation models and promote terminal Agent applications. The Series B+ funding round included investments from state-owned institutions and existing shareholders like Tencent. Additionally, Yin Qi, a seasoned entrepreneur in AI, has been appointed as chairman, aiming to foster collaboration with Qianli Technology. Founded in 2023 by former Microsoft VP Jiang Daxin, Stepfun focuses on AI model development and has partnered with Geely for smart cockpit innovations in their vehicles."
datetime: "2026-01-26T08:08:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/273669272.md)
  - [en](https://longbridge.com/en/news/273669272.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273669272.md)
---

# Chinese AI Startup Stepfun Raises USD718.8 Million to Boost Foundation Models Development, Terminal Agents Use

(Yicai) Jan. 26 -- Stepfun, a Chinese artificial intelligence startup that has a deep alliance with auto giant Geely Automobile Holdings, has secured about CNY5 billion (USD718.8 million) for developing foundation models, promoting the use of terminal Agent applications, and accelerating the exploration of AI + innovative product forms.

Investors in the Series B+ fundraiser included several state-owned investment institutions, including Shanghai SSCI Leading Private Equity Fund Management, China Life Private Equity Investment, and Pudong Venture Capital, Stepfun announced today. Existing shareholders Tencent Holdings, Qiming Venture Partners, and 5Y Capital also took part.

In a separate announcement on the same day, Shanghai-based Stepfun said that Yin Qi, a 38-year-old serial entrepreneur in the AI sector, has been appointed as chairman. He will join the core management team of Chief Executive Officer Jiang Daxin, Chief Scientist Zhang Xiangyu, and Chief Technology Officer Zhu Yibo.

Yin is a co-founder of unicorn Megvii Technology, which focuses on facial recognition. In 2024, he invested in and became chairman of Qianli Technology, a smart driving firm backed by Geely, formerly known as Lifan Technology.

Yin will serve as the chairman of both Stepfun and Qianli moving forward and will drive deep collaboration between the two to jointly advance the implementation of the "AI + terminal" strategy, according to Stepfun.

Established in 2023 by Jiang, ex-vice president of Microsoft, Stepfun focuses on the development of AI foundation models and building a commercial system around vehicles, phones, robots, and others. Since its inception, it has maintained close ties with Geely and Qianli, jointly developing smart cockpits used in several mass-produced Geely models.

Editors: Dou Shicong, Martin Kadiev

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