(Nov 27): Monolith Management, which backed DeepSeek-rival MoonShot AI, has raised about US$289 million ($375 million), as it seeks to invest in more companies in the country’s artificial intelligence (AI) space.
The Chinese venture capital fund surpassed its initial fundraising target of US$265 million, and will use the money to back more tech startups, people familiar with the matter said, asking to remain anonymous to discuss the private deal. Monolith representatives didn’t respond to an emailed request for comment.
Run by former Sequoia China partner Cao Xi and Tim Wang, a former partner at Boyu Capital, Monolith is one of just a handful of outlets that have managed to attract dollar-denominated capital this year.
Global investors have been reassessing China’s startup landscape and broader economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds.
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