Kai-Fu Lee’s 01.AI secures Hangzhou state investment worth hundreds of millions of RMB

01.AI, the artificial intelligence company founded by Kai-Fu Lee, has secured investment totaling hundreds of millions of RMB from state-backed investors in Hangzhou and the city’s Linping district. The company announced the agreement on October 30, following its signing two days earlier. Under the arrangement, 01.AI will establish its headquarters in Linping and build a base for helping businesses adopt AI. The investment supports its growing focus on enterprise applications and industry-specific AI systems. The company has been shifting away from consumer-facing services toward enterprise AI solutions. Its public model platform stopped providing model trials and API services in September. Lee has said the company now customizes Chinese open-weight models, including DeepSeek, Qwen, and GLM, for business customers, with roughly half its revenue coming from outside China. [IT Home, in Chinese]