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

Chinese tech giant Kuaishou's AI video unit, Kling AI, has secured over 19 billion yuan ($2.80 billion) in funding from investors including Alibaba and Tencent. This significant investment values the popular AI video arm at $15 billion pre-money, highlighting strong investor confidence in China's booming AI sector. Kling AI's revenue quadrupled year-on-year in the March quarter, signaling robust growth.