Alibaba and Tencent invest $2.8B in AI cleaning

Chinese company KuaiShou announced that a group of investors, including Alibaba and Tencent, will inject more than $2.8 billion into the AI company Cleaning, valuing it at $15 billion before the investment. This funding bolsters the rapidly growing sector in China, where tech companies have raised billions of dollars so far this year. Cleaning's revenue reached 650 million yuan in the first quarter, more than quadrupling compared to the previous year. After the funding, KuaiShou's stake will decrease to around 68%.

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