<div id="readability-page-1" class="page">Chinese artificial intelligence start-up StepFun has appointed Yin Qi, the co-founder and former CEO of Megvii, as its chairman, as the company wraps up a 5 billion yuan (US$690 million) Series B+ funding round and sharpens its focus on so-called “physical AI” – artificial intelligence designed to power real-world machines such as cars and robots. Yin, a prominent figure from China’s first wave of computer-vision start-ups, is also chairman of Qianli Technology, a Geely-backed smart-driving firm. The appointment reinforced StepFun’s “AI plus terminal devices” strategy, the company said, leveraging Yin’s experience in commercialising AI technologies, particularly in smart cars. Founded in 2023, Shanghai-based StepFun was set up by Jiang Daxin, former chief scientist at Microsoft Research Asia. The company said its core management team would consist of Yin as chairman, Jiang as CEO, and Zhu Yibo, a former Microsoft and ByteDance AI veteran, as chief technology officer. Yi would be responsible for setting the company’s overall strategic pace and technological direction, the company said in a statement. “Qianli is building AI-enabled application scenarios centred on vehicles,” Yin said in a recent podcast. “StepFun, meanwhile, provides the underlying foundation models – the ‘brain’ and core AI capabilities that support.” Qianli’s Shanghai-listed shares rose about 4.4 per cent on Monday to close at 12 yuan. Yin, 38, took on the chairmanship of Chongqing Lifan Technology, a local motorcycle and carmaker, in late 2024, following a bankruptcy restructuring that brought backing from Chongqing municipal government and auto group Geely as key shareholders. As the auto giant Geely sought to strengthen its intelligent-driving capabilities, Yin was brought in as a shareholder and gradually came to manage the company.  Meanwhile, Yin’s first venture, Megvii, once one of China’s most high-profile AI stars during the computer-vision boom, shelved its long-running initial public offering plans after a three-year bumpy journey, withdrawing the application in November 2024. Lifan rebranded as Qianli Technology in February 2025. Over the past year, Qianli has announced multiple collaborations with Geely to deploy its intelligent driving systems across the carmaker’s models, striking a “technical partnership” with StepFun. The company filed for a Hong Kong listing in October and in December secured Mercedes-Benz’s China subsidiary as a strategic investor. Alongside Yin’s appointment, StepFun, dubbed one of China’s “AI tigers”, said it had closed a Series B+ round, following a several-hundred-million-dollar Series B raise at the end of 2024. The latest financing was backed by state-linked capital including Shanghai State-owned Capital Leading Fund, Pudong Venture Capital and Xuhui Capital, Wuxi’s Liangxi district fund and state-owned Xiamen ITG. Other participants included China Life Private Equity Investment, electronics manufacturer Huaqin, and existing investors such as Tencent Holdings, Qiming Venture Partners and 5Y Capital. Investment in China’s foundation-model sector remains red hot. Zhipu AI and MiniMax raised HK$4.3 billion (US$552 million) and HK$4.8 billion, respectively, in Hong Kong listings in January, while Moonshot AI, the maker of chatbot Kimi, raised US$500 million in a recent Series C round, pushing post-valuation to about US$4.3 billion.</div>

<p>Chinese AI start-up StepFun has appointed Yin Qi, co-founder of Megvii, as chairman, following a 5 billion yuan Series B+ funding round. The company focuses on 'physical AI' for real-world applications like cars and robots. StepFun's management includes Jiang Daxin as CEO and Zhu Yibo as CTO. Yin's experience in AI commercialization, particularly in smart cars, will guide the company's strategy. StepFun's funding was supported by state-linked capital and major investors like Tencent. The AI foundation-model sector in China continues to attract significant investment.</p>

- Chinese AI start-up StepFun appointed Yin Qi, co-founder of Megvii, as chairman after raising 5 billion yuan (US$690 million) in Series B+ funding, focusing on "physical AI."  
- StepFun, founded in 2023 by Jiang Daxin, aims to leverage Yin's experience in smart car technologies as part of its strategy to integrate AI with terminal devices.  
- The company secured significant investments from state-linked entities and private firms, indicating sustained interest in China's foundation-model sector amidst ongoing funding momentum.

Geely-linked veteran Yin Qi joins Chinese AI start-up StepFun as chairman