Tencent Holdings is quietly reallocating its venture capital bets away from legacy internet assets to double down on China’s highest-profile artificial intelligence champions. While the tech giant’s sprawling portfolio spans mobile gaming, e-commerce and consumer goods globally, its AI strategy has rapidly accelerated. Earlier this month, Tencent trimmed its long-held stake in Kuaishou Technology days after backing a US$3 billion round for Kuaishou’s AI video unit, Kling AI. Tencent did not...
Chinese short video giant Kuaishou said on Thursday evening that its artificial intelligence video arm, Kling AI, was seeking to raise around US$3 billion in its first external fundraising round, according to a filing to Hong Kong Exchanges and Clearing. The funding round, first reported by the South China Morning Post on Wednesday, was backed by a long list of investors, spanning Chinese technology heavyweights, state-backed investment vehicles and entertainment industry participants. Baidu,...