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Kuaishou's Kling AI unit completes a near $3 billion funding round

By Reuters News

Oct 30 (Reuters) - Tencent-backed 0700.HK Kuaishou Technology 1024.HK said on Friday that its unit Beijing Kling has completed a fundraising round of about 19.8 billion yuan ($2.98 billion).

The short-video platform operator will hold two-thirds of the equity and 52.45% of voting rights in the Kling AI maker through its Lucky Labs holding vehicle.


  • The fundraise comes after a $2.8 billion raise in July, which drew investors like Alibaba 9988.HK and Tencent, when Kling was valued at $15 billion pre-money

  • Kuaishou did not reveal how Kling would use the proceeds

  • Among new investors in the latest round: A unit of Hong Kong-listed Kingdee International 0268.HK invested 300 million yuan, Gongqingcheng Junke put in 200 million yuan and a unit of Shanghai-listed MetaX 688802.SS added 100 million yuan

  • They partially took over other investors' commitments and received redemption rights

  • Kling competes with AI video generation models of OpenAI, Google GOOGL.O and TikTok owner ByteDance

  • Kling is planning for an IPO next year, Bloomberg News reported earlier this month citing people familiar with the matter

($1 = 6.66 Chinese yuan renminbi)

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