China’s Plan to Rival OpenAI Gets Saudi Backing

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Chinese efforts to develop a homegrown competitor to ChatGPT-creator OpenAI have won the backing from a state-linked Saudi Arabian fund, according to a report by the Financial Times.

The fund, Prosperity7, which is part of state-owned Saudi oil giant Aramco’s venture capital arm, participated in an investment round for Chinese startup Zhipu AI, FT said. The report also described Zhipu as China’s “most prominent” generative AI start-up.

The funding round, in which Prosperity7 was a minority investor, valued Zhipu at $3 billion, the FT report said. The Chinese firm raised $400 million in the round, it added.

Investment into Zhipu AI was part of Saudi efforts to prevent “Silicon Valley dominating this industry,” FT reported, citing a source close to the Aramco-linked fund.

Read the full report: The Financial Times

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]

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