01.AI, an AI company led by Kai-Fu Lee, raised hundreds of millions of RMB from state-backed investors in Hangzhou and its Linping district. The company announced the agreement on October 30 after signing it two days earlier. The funding will support its move into enterprise AI applications.
Hangzhou expansion
01.AI will establish its headquarters in Linping. It will also build a base to help local businesses adopt AI. The base will focus on industry-specific AI systems.
Company background
Lee founded 01.AI in 2023. The company began as a frontier large model developer. It has since moved toward industrial AI systems.
Enterprise model work
01.AI stopped offering model trials and API services in September. It now customizes Chinese open-weight models for business customers. Those models include DeepSeek, Qwen, and GLM.
Roughly half of its revenue comes from outside China. Earlier media reports listed a 2027 IPO target for 01.AI. They also listed a 2026 order target of CN¥1.5 billion.