(Yicai) July 25 -- Baichuan Intelligent Technology, a Chinese artificial intelligence startup, has secured CNY5 billion (USD690.1 million) in a Series A financing round.

Tech giants Alibaba Group Holding, Tencent Holdings, and Xiaomi took part in Baichuan's latest fundraiser after participating in its Series A1 financing round with many top-level institutional investors in October, tech information website 36Kr reported today. State-backed industrial investment funds, including the Beijing AI Industry Investment Fund, Shanghai AI Industry Investment Fund, and Shenzhen Capital Group, also took part.

Shanghai-based Baichuan's valuation reached CNY20 billion (USD2.8 billion) after completing the Series A financing round, and it plans to kick off a Series B round at this valuation. The use of the proceeds was not disclosed.

Baichuan, established by Chinese search engine operator Sogou's ex-Chief Executive Wang Xiaochuan and former Chief Operating Officer Ru Liyun on April 10 last year, has launched 12 AI models.

Editor: Martin Kadiev