The record for the largest single round of financing for AI applications in China has been set: Yanyu Technology has received nearly $300 million in financing, with ARR reaching $300 million, comparable to Suno According to Beating monitoring, Evoken, a domestic AI creative content group that includes LiblibAI, LibTV, and Star Stream, recently announced the completion of nearly $300 million in Series B financing. The transaction was actually delivered earlier this year, with a post investment valuation of over 2 billion US dollars, setting a record for the highest single round in the domestic AI application field. The leading investors include Granite Asia, Tencent, and Shunwei Capital, with senior shareholders such as Gaorong, Ant, and Sequoia increasing their investment. As of May 2026, Yanyu Technology's annual recurring revenue (ARR) has reached $300 million, nearly tripling from the time of delivery. The revenue scale in the AI application layer is on par with the global leading application Suno and far exceeds HeyGen. However, in terms of valuation, Suno, which has the same size, is valued at up to 5.4 billion US dollars, while Yanyu Technology (2 billion US dollars) is still in a significant global slump. The explosive performance is mainly due to the video tool LibTV, which was launched in March. Coinciding with the surge of downstream AI short dramas (122000 out of 128000 micro dramas in the industry in Q1 this year), LibTV's daily revenue exceeded one million US dollars in the first month, and in May, its monthly revenue soared to over 13 times that of the first month. Founder Chen Mian (former head of global commercialization at Jianying) stated that the company avoids downstream modification competition with Adobe and focuses on upstream creative generation. The core is to reconstruct underlying models such as "Seedance 2.0" into deliverable "digital labor force" through "infinite canvas+node workflow". [Original link]