Kuaishou Technology said on 30 October that its Beijing Kling AI video unit had completed a funding round of about 19.8 billion yuan ($2.98 billion), following a $2.8 billion raise in July, CNA reported. The July round drew investors including Alibaba and Tencent and valued Kling at $15 billion before the new investment.
Kuaishou, a short-video platform operator, will hold two-thirds of Kling’s equity and 52.45 per cent of its voting rights through its Lucky Labs holding vehicle. Kling competes with video-generation models from OpenAI, Google and ByteDance. An earlier AI Affairs report covered Kling’s selection of banks for a potential Hong Kong listing seeking at least $1 billion.
In the latest round, a unit of Hong Kong-listed Kingdee International invested 300 million yuan, Gongqingcheng Junke invested 200 million yuan and a unit of Shanghai-listed MetaX invested 100 million yuan. The new investors partly assumed commitments from other investors and received redemption rights.
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