Shanghai-based AI firm StepFun has announced a landmark achievement, securing over $717 million in its latest funding round. This capital injection, a record for China's large model sector in the last year, coincides with the strategic appointment of AI veteran Yin Qi as the company's new chairman. These developments signal StepFun's aggressive push to dominate the integration of advanced AI into consumer devices.
A Landmark Funding Achievement
The B+ financing round, which exceeded $717 million, marks the largest single investment in China's large model space over the past twelve months. The funding attracted a diverse coalition of investors, including state-affiliated funds like Pudong Venture Capital and prominent industrial players such as Huaqin Technology. Existing shareholders, including Tencent and Qiming Venture Partners, also demonstrated continued confidence by participating in the round.
New Leadership to Steer Strategic Vision
In a significant governance move, StepFun has appointed Yin Qi, a renowned AI entrepreneur and co-founder of Megvii, as its new chairman. He will be responsible for guiding the company's overall strategic direction and technological roadmap, working alongside the existing executive team led by CEO Jiang Daxin. Yin's extensive experience is expected to provide strong leadership as the company enters its next phase of expansion.
Accelerating the 'AI + Terminals' Strategy
The fresh capital is earmarked for advancing StepFun's core "AI + Terminals" strategy, focusing on foundation model research and development. This initiative aims to embed powerful AI capabilities directly into consumer electronics such as smartphones, vehicles, and wearable devices. The company's goal is to create a seamless, intelligent user experience by bridging the gap between cloud-based AI and edge computing.
Deepening Collaboration in Key Sectors
Yin Qi's appointment is particularly strategic due to his concurrent role as chairman of Qianli Technology, an automotive technology firm. This dual leadership is set to deepen the collaboration between the two companies, accelerating the deployment of AI in the automotive sector. This synergy is already evident in the AgentOS smart cockpit, a joint project with Qianli and Geely that has seen commercial success.
Demonstrating Market Penetration and Innovation
StepFun has already achieved significant market traction, with its models installed on over 42 million devices and serving nearly 20 million users daily. The company has forged deep partnerships with approximately 60% of China's leading smartphone manufacturers, including major brands like OPPO and Honor. This widespread adoption underscores the practical appeal and performance of its deployable AI solutions in a competitive market.
A Foundation of Technological Excellence
The company's market success is built upon a foundation of advanced research, having released three generations of its Step series large models. Its offerings span language, multimodal, and edge-cloud collaborative models, with its Step 3 model noted for industry-leading inference efficiency. Furthermore, its Step Audio R1.1 speech model recently topped a global leaderboard, showcasing its world-class capabilities.
With a fortified balance sheet and the addition of a seasoned industry leader, StepFun is poised to solidify its position at the forefront of China's AI industry. The dual announcement underscores a strategic pivot from a crowded field of model developers to a focused leader in practical AI application. This powerful combination of capital and governance provides the company with critical momentum for its next stage of growth and innovation.