Certainly one of China’s most extremely anticipated synthetic intelligence startups is present process a major change of route.
Gentle Yr, which was based merely 4 months in the past by Wang Huiwen, a co-founder of Meituan, with the ambition of turning into the “OpenAI for China”, is getting purchased out. In a submitting launched on Thursday, Meituan announced that it will likely be totally buying Gentle Yr for $233.7 million in money.
The deal additionally contains $50.66 million price of debt and paying the AI startup’s buyers, Qimai, which is managed by Meituan’s present CEO Wang Xing, $5 million, in addition to HongShan, which was referred to as Sequoia China earlier than the current restructuring of the fund, $28 million.
The acquisition got here shortly after Meituan announced Wang Huiwen was resigning from all his company roles on the meals supply big as a result of well being causes. A broadly circulated weblog submit claiming data of the matter mentioned Wang had been identified with melancholy, sparking dialogue on entrepreneurs’ psychological well being points in China’s tech group.
Gentle Yr had had internet money of round $285 million as of June 29, the submitting says.
Keep tuned. Extra evaluation to come back…