Beijing Kling secured approximately 19.8 billion yuan from a strategic funding round that brought in fresh commitments from domestic firms like Kingdee International, Gongqingcheng Junke, and MetaX. The deal follows a multi-billion-dollar financing round in July backed by Tencent and Alibaba that established a $15 billion pre-money valuation. Kuaishou will preserve a 52.45 percent voting stake and two-thirds equity in the generative video developer, though it has not shared operational plans for the capital.
Key points
The substantial capital influx positions Kling to fiercely compete against video-generati…: The substantial capital influx positions Kling to fiercely compete against video-generation models built by ByteDance, OpenAI, and Google.
New institutional participants joined the round by partially taking over existing commitm…: New institutional participants joined the round by partially taking over existing commitments that had been made by prior investors.
People familiar with the matter indicate that the artificial intelligence video specialis…: People familiar with the matter indicate that the artificial intelligence video specialist is actively preparing to pursue an initial public offering next year.
Sources checked by our analysis pipeline: 1
Oct 30 : Tencent-backed Kuaishou Technology said on Friday that its unit Beijing Kling has completed a fundraising round of about 19.8 billion yuan ($2.98 billion).
The short-video platform operator will hold two-thirds of the equity and 52.45 per cent of voting rights in the Kling AI maker through its Lucky Labs holding vehicle.
• The fundraise comes after a $2.8 billion raise in July, which drew investors like Alibaba and Tencent, when Kling was valued at $15 billion pre-money
• Kuaishou did not reveal how Kling would use the proceeds
• Among new investors in the latest round: A unit of Hong Kong-listed Kingdee International invested 300 million yuan, Gongqingcheng Junke put in 200 million yuan and a unit of Shanghai-listed MetaX added 100 million yuan
• They partially took over other investors' commitments and received redemption rights
• Kling competes with AI video generation models of OpenAI, Google and TikTok owner ByteDance
• Kling is planning for an IPO next year, Bloomberg News reported earlier this month citing people familiar with the matter
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