StepFun, a Chinese AI startup that develops LLMs and has partnered with automaker Geely and smartphone brands like Oppo and Honor, raised a ~$717M Series B+
StepFun is kind of bad at publicity but they were very early to nontrivial architectural experiments, maybe the first to field a serious challenger to MLA (MFA). Some of their models are compelling I wonder what they'll show in 2026
StepFun just raised RMB 5 billion ($690 million) in its Series B+ round. This is the largest single fundraising in China's foundation model over the past 12 months. What stands out: the investor lineup is dominated by local state-backed funds from Shanghai, Wuxi, and other