The Chinese software company Kuaishou Technology is negotiating with General Atlantic to finance the Kling AI division before the IPO. This is reported by foreign media.
Kling AI expects to raise more than $2 billion and increase its asset value to $18 billion. Kuaishou had previously estimated at $20 billion, but then lowered its targets in line with market demand.
In case of successful negotiations General Atlantic, which is one of the first sponsors of ByteDance Ltd., will conclude a deal in the highly competitive AI market in China, despite the growing competition between the United States and China in the technology sector.
Kling AI creates videos and short films on demand from users and is one of the Chinese AI companies actively seeking global monetization. The company competes with Seedance, controlled by ByteDance, and Shengshu in the segment of high-quality clips for professional filmmakers, advertisers and creative studios. Kling's annual revenue has grown to $500 million due to the launch of the Kling 3.0 application.
Kuaishou Technology is a Chinese state—owned company developing mobile applications for short videos, a social network and a video editor with special effects. The headquarters is located in Beijing (China).
General Atlantic is an American multinational investment company with assets worth $118 billion under management. The headquarters is located in New York (USA) with offices in 20 countries.
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