Alibaba, Tencent back Kuaishou’s Kling AI in $2.8 billion fundraise

China’s Kuaishou Technology said on Thursday a group of investors including Alibaba and Tencent will inject over 19 billion yuan ($2.80 billion) in Kling AI, while valuing the popular AI video arm at $15 billion on a pre-money basis.

The fundraising underscores investors’ appetite for ‌China’s fast-growing ⁠AI ⁠sector, which continues to attract billions of dollars in fresh capital. ​Technology companies have raised a total of $3.1 billion from stock market listings ​in China this year to mid-June, more than five times the amount raised last year.