Kai-Fu Lee's 01.AI raises hundreds of millions of RMB from Hangzhou state investors

01.AI, the AI company founded by Kai-Fu Lee, has secured investment totaling hundreds of millions of RMB from state-backed investors in Hangzhou and its Linping district. The company will set up headquarters in Linping and build a base to help businesses adopt AI, as it shifts from consumer services to enterprise solutions.

• Hangzhou and Linping district investors put in hundreds of millions of RMB
• 01.AI will move its headquarters to Linping and build an enterprise AI base
• The company shut down public model trials and API services in September
• About half of 01.AI's revenue comes from outside China