Moonshot AI, the company behind the Kimi chatbot, is being valued at $4.8 billion in a new funding round.

Alibaba-backed Moonshot AI, developer of the Kimi chatbot, has seen its valuation increase by $500 million to $4.8 billion in a recent funding round. This surge comes as Chinese AI companies, including rivals Zhipu and MiniMax, have experienced significant growth following their IPOs in Hong Kong. The heightened interest in Chinese AI startups is attributed to the restricted access to U.S.-based AI services in mainland China.