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Chinese Start-up 01.AI Hits $1 Billion Valuation with New Open-Source AI Model, Outperforms Silicon Valley Counterparts

Launched by Kai-fu Lee in March 2023, the Beijing-based start-up raises $1 billion in just 8 months with backers like Alibaba after launching its open-source artificial-intelligence model Yi-34B that outperforms existing models on key metrics, confidently set to release larger models up to 400 billion parameters in the next year and a half.

Overview

  • 01.AI, a start-up founded by Kai-fu Lee, has reached a $1 billion valuation in less than eight months, bolstered by its newly launched open-source AI model, Yi-34B.
  • The start-up was funded by Alibaba's cloud unit among others and is now planning to release larger models with up to 400 billion parameters in the next year and a half.
  • The Yi-34B model, which outperforms leading open-source models including Meta Platform’s Llama 2, is available in both Chinese and English for developers globally.
  • Despite political tensions and trade restrictions between China and the US, 01.AI is able to operate due to strategic stockpiling of necessary AI semiconductors.
  • Beyond open-source models, 01.AI plans to work with customers to develop proprietary models tailored for specific industrial and competitive situations.