AI tech company ModelBest closes new financing round

Published: Dec 13, 2024 18:31

Source: gasgoo

Save

ModelBest, an AI-focused technology company, recently announced the completion of a new financing round, which raised for the company several hundreds of millions of yuan.

Beijing (Gasgoo)- ModelBest, an AI-focused technology company, recently announced the completion of a new financing round, which raised for the company several hundreds of millions of yuan. The funding will expedite the company's efforts to commercialize efficient AI large models, particularly in edge computing applications.

Founded in August 2022, ModelBest has previously secured tens of millions of yuan in angel funding in April 2023 and another significant funding round worth hundreds of millions of yuan in April 2024.

ModelBest has distinguished itself as an innovator in AI large model technology and its practical applications. In November 2023, the company publicly launched its multimodal large model service, Luca. This was followed by the February 2024 release of the open-source edge-side model, MiniCPM.

MiniCPM integrates capabilities such as unlimited text processing, ultra-clear OCR, and real-time video understanding into edge devices for the first time, achieving over 3 million downloads since its debut.

ModelBest's business portfolio now spans AI phones, AI PCs, intelligent cockpits, smart homes, and embodied robotics, through partnerships with industry leaders such as Huawei, MediaTek, Lenovo, Intel, Great Wall Motor, and Yeelight. Notably, ModelBest signed a strategic cooperation agreement with Great Wall Motor in September 2024 to develop AI large model applications in the automotive sector.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 29, 2026 15:52

[Automotive: Toyota Decides To Halt Development Of Certain Models]

Toyota Motor Corporation has decided to halt the development of its next-generation battery electric vehicles, specifically targeting a sedan model for its luxury brand Lexus that was originally planned to commence production in mid-2027. This vehicle, featuring fast-charging capabilities and longer cruising range, was showcased at the Japan Mobility Show in October 2023. Initially planned for market launch in 2026, its production start was later postponed to 2027. Over the past year, Toyota's global electric vehicle sales exceeded 190,000 units, a year-on-year increase of 42.4%. However, the decision by the Trump administration in the US to eliminate tax incentives for electric vehicle purchases has created adverse market conditions.

May 29, 2026 15:52

[Automotive: XPeng Group Reports Q1 Revenue Of 13.03 Billion Yuan, Gross Margin Of 20.6%]

On May 28, XPeng Group released its first quarter financial report for 2026. In the first quarter of 2026, XPeng Group's total quarterly revenue was 13.03 billion yuan, with a quarterly gross margin of 20.6%, an increase of 5.0 percentage points compared to the same period in 2025. Quarterly deliveries reached 62,682 vehicles. Service and other income amounted to 2.03 billion yuan, a year-on-year increase of 41.2%. Quarterly research and development investment was 2.91 billion yuan, a year-on-year increase of 46.8%. As of March 31, 2026, cash on hand was 42.09 billion yuan.

May 29, 2026 15:52

May 29, 2026 13:17

Mankun Tech's Intelligent Driving PCBs Ready for L3, Not Yet Supplied to Tesla

Mankun Technology stated on an interactive platform that the company's intelligent driving PCB products currently have relatively sufficient orders. The company's intelligent driving PCB products currently possess the technical capability to support L3-level autonomous driving, while higher-level autonomous driving applications are still in the R&D and reserve stage. As of now, the company has not yet supplied Tesla with L3-level autonomous driving-related PCB products. The company will closely monitor industry technological developments and actively explore market opportunities.

May 29, 2026 13:17