Author: Deal Street Asia Online News

Alibaba says it holds 36% stake in Moonshot as it pivots to AI for future growthAlibaba is so far backed as many as five generative AI startups in Chi…

Alibaba Group Holding Ltd revealed on Friday that its overall investment in Chinese artificial intelligence (AI) startup Moonshot AI in the latest fiscal year has reached $800 million. Alibaba holds about 36% of preferred stocks in Moonshot AI, with its overall investment in the startup in the year ended March 31 totaling approximately $800 million,… Continue reading Alibaba says it holds 36% stake in Moonshot as it pivots to AI for future growthAlibaba is so far backed as many as five generative AI startups in Chi…

China’s Xiaomi ups EV goal to 120,000 as Q1 tops forecasts on strong phone sales

China’s Xiaomi said it will aim to deliver 120,000 electric vehicles (EVs) this year, up from the initial goal of 100,000, and will implement double-shift production to meet rising demand for its EVs. Xiaomi made this announcement during an earnings call after the company reported a stronger-than-expected 27% year-over-year increase in first-quarter revenue on Thursday, driven by robust smartphone sales amid a recovery in the market.… Continue reading China’s Xiaomi ups EV goal to 120,000 as Q1 tops forecasts on strong phone sales

India: BluSmart to raise $25m in fresh funding, launch services in Dubai soon

BluSmart, an EV ride-hailing service and EV charging infrastructure network, is raising about $25 million in its pre-Series B funding round, according to BluSmart c0-founder Punit Goyal. “The round will see participation from BluSmart founders, existing investors and external investors, including a global climate and infrastructure fund, some global leaders, leading family offices and some… Continue reading India: BluSmart to raise $25m in fresh funding, launch services in Dubai soon

China Digest: Qiming names managing partner; PhiGent raises $30m

Qiming Venture Partners has promoted Alex Zhou as a managing partner to spearhead investments in frontier technologies. Separately, autonomous driving solutions developer PhiGent Robotics has secured $30 million in a Series Pre-B funding round. Qiming names Alex Zhou managing partner Venture capital (VC) firm Qiming Venture Partners has promoted Alex Zhou as a managing partner… Continue reading China Digest: Qiming names managing partner; PhiGent raises $30m

SEC approves applications from US bourses to list spot ether ETFs

The US Securities and Exchange Commission (SEC) on Thursday approved applications from Nasdaq, CBOE and NYSE to list exchange-traded funds (ETFs) tied to the price of ether, potentially paving the way for the products to begin trading later this year. While the ETF issuers also have to get the green light before the products can… Continue reading SEC approves applications from US bourses to list spot ether ETFs

xAI looks to raise $6b in Andreessen Horowitz-backed funding round: FT

Elon Musk’s artificial intelligence startup, xAI, is seeking to raise close to $6 billion in a funding round backed by Silicon Valley heavyweights including Andreessen Horowitz, the Financial Times reported on Thursday. The round also includes commitments from Sequoia Capital and Tribe Capital, the report said, citing people familiar with the negotiations. It would value… Continue reading xAI looks to raise $6b in Andreessen Horowitz-backed funding round: FT

SpaceX weighs tender offer at $200b valuation: report

Elon Musk’s SpaceX has initiated discussions about selling existing shares in a deal that could value the company at roughly $200 billion, Bloomberg News reported on Thursday, citing people familiar with the matter. The valuation would be higher than the $180 billion it had fetched in its previous tender offer, the report said, adding that… Continue reading SpaceX weighs tender offer at $200b valuation: report