Chinese AI startup Stepfun, closely working with Geely Automobile Holdings, has raised about CNY5 billion ($719 million) to accelerate foundational AI model development, deploy AI agents, and explore AI-driven products. The Series B+ round included state-owned investors such as Shanghai SSCI Leading Private Equity Fund Management, China Life Private Equity Investment, and Pudong Venture Capital. Existing shareholders Tencent Holdings, Qiming Venture Partners, and 5Y Capital also participated.
Stepfun announced that Yin Qi, a 38-year-old AI entrepreneur and co-founder of unicorn Megvii Technology, has been appointed chairman. Yin also chairs Qianli Technology, a smart driving company backed by Geely. He will oversee coordination between Stepfun and Qianli to advance the “AI + terminal” strategy.
Founded in 2023 by ex-Microsoft vice president Jiang Daxin, Stepfun focuses on AI foundation models and commercial applications across vehicles, phones, and robots. The company has collaborated with Geely and Qianli on smart cockpit systems used in mass-produced Geely vehicles, highlighting its growing role in automotive AI innovation.
