StepFun Secures Record 5-Billion-Yuan Funding, Appoints New Chairman

StepFun, a Chinese AI unicorn, had a Series B+ funding round of over 5 billion yuan (US$719 million), setting a record for China's AI model sector.

The investment will accelerate Shanghai's "AI + Terminal" strategy to integrate advanced AI into smartphones and cars.

The funding round garnered support from a coalition of state-owned and industrial giants, including Shanghai Guotou, China Life Private Equity, and Pudong Venture Capital. Existing backers, such as Tencent and Qiming Venture Partners, also participated in the round.

In a major leadership move, StepFun also appointed Yin Qi, the founder of Megvii Technology, as its new chairman. Yin will oversee the company's strategic roadmap alongside CEO Jiang Daxin.

By the end of 2025, StepFun's models would already be used on over 42 million devices through partnerships with 60 percent of China's major phone brands, including Oppo, Honor, and ZTE.

Over 42 million StepFun models were on phones by the end of 2025, thanks to its partnerships with China's top phone brands, including Oppo, Honor, and ZTE.

In the automotive space, StepFun's voice models and "AgentOS" are featured in Geely's cars, with deployment expected to surpass one million vehicles by the end of 2026.