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Stepfun, a Chinese artificial intelligence startup with a strong partnership with a major automaker, has raised approximately CNY 5 billion (around USD 719 million) to advance foundational AI models, expand the deployment of terminal agent applications, and accelerate innovative product development in AI.
The Series B+ funding round was supported by several state-owned investment firms, including Shanghai SSCI Leading Private Equity Fund Management, China Life Private Equity Investment, and Pudong Venture Capital. Existing investors, such as Tencent Holdings, Qiming Venture Partners, and 5Y Capital, also participated in the funding.
On the same day, the Shenzhen-based company announced the appointment of Yin Qi, a 38-year-old serial entrepreneur in the AI industry, as its new chairman. He will join the company’s leadership alongside CEO Jiang Daxin, Chief Scientist Zhang Xiangyu, and Chief Technology Officer Zhu Yibo.
Yin Qi is a co-founder of Megvii Technology, a unicorn focused on facial recognition. In 2024, he became chairman and an investor in Qianli Technology, a smart driving company backed by a major automaker, previously known as Lifan Technology.
Yin will serve as chairman of both Stepfun and Qianli and will foster deeper collaboration between the two companies to promote the “AI + terminal” strategy.
Founded in 2023 by Jiang, who previously served as vice president at Microsoft, the company concentrates on developing AI foundation models and creating commercial systems for vehicles, phones, robots, and other devices. Since its founding, it has maintained close ties with the automaker and Qianli, co-developing smart cockpits for several commercially available Geely vehicles.
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