AI Startup Founded by Former Executive for $284 Million

Meituan, a Chinese food delivery company, is buying artificial intelligence firm Light Year to develop its own AI technology.
Light Year Beyond was founded months ago by former Meituan executive Wang Huiwen to be 'OpenAI for China' but faced funding constraints.
The $284 million deal gives Meituan full control of Light Year and its work on large language models.
Meituan will pay Light Year's investors $234 million in cash plus assume $50 million in debt.
Wang recently resigned from Meituan, sparking a discussion on mental health in China's tech industry.