On July 3, Kai-Fu Lee, former head of Google China, officially announced that his AI venture has been named 01 Wanwu Technology. According to the company’s official statement, it already has a team of dozens of core members based in Beijing, with a co-founding team consisting of individuals who have previous experience working at major internet firms such as Alibaba, Baidu, Google, and Microsoft. The statement also announced that the new startup has successfully conducted beta tests of models with tens of billions of parameters, and is currently in the process of scaling up to models ranging from 30 to 70 billion parameters. [Sinovation Venture, in Chinese]