Shanghai-based large-model startup StepFun has completed a B+ financing round exceeding RMB 5 billion ($718 million), setting a new record for the largest single financing in China’s large-model sector over the past 12 months. The round saw participation from Shanghai SDIC Leading Fund, China Life Private Equity Investment, Pudong Venture Capital, Xuhui Capital, Wuxi Liangxi Fund, Xiamen ITG Group, and Huaqin Technology, among other industrial investors. Existing shareholders Tencent Holdings, Qiming Venture Partners, and 5Y Capital also participated in follow-on investments. The funding will be used to advance foundational model development, build a major base model, and accelerate the implementation of StepFun’s AI+terminal strategy. [China Star Market, in Chinese]