Fortera Capital, a private-equity firm under the Shanghai State-owned Capital Investment Co (SSCIC), led Stepfun’s recent series B financing, according to Fortera’s WeChat post on Monday.
Shanghai-based Stepfun, which was founded in April last year, will use the new funding to develop foundational AI models – focused on multimodal capabilities and complex reasoning – and strengthen the start-up’s consumer-oriented product portfolio, according to Fortera’s WeChat post.
The latest initiative by Shanghai’s municipal government reflects the city’s growing efforts to bolster technological innovation in strategically important industries.
Visitors check out artificial intelligence models displayed on multiple screens during the 2024 World AI Conference in Shanghai last July. Photo: Xinhua