China Reports The Largest Number Of Start-ups In AI Sector To Receive Funding

According to Zhidongxi report, China had 22 generative AI start-ups receive funding in the period, while the US had 21.

The start-up that received the biggest round of funding in China was Light Year, which was established in February by Wang Huiwen.

China has driven a flood of global investment into generative artificial intelligence (AI) in the first half of the year, with the country revealing the biggest number of new companies in the sector to get funding, as per a report.

During the first six months of this year, 51 generative AI intelligence new companies all over the world raised around 100 billion yuan (US$13.8 billion), ten times the funding size the sector received in 2022, as per Zhidongxi, an artificial intelligence centered research firm in China.

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China had 22 generative AI based intelligence new companies get financing in the period, while the US had 21 and the UK had four. According to the report, US companies received more funding, despite the fact that China received the most funding for generative AI startups.

According to the same report, in the first half, funding for 18 generative AI companies totaled more than 100 million yuan (US$138,287). Twelve of these companies came from the United States, while only three were from China.

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