By Greg Gao

(JW Insights) Feb 14 --Wang Huiwen, the former co-founder of China’s largest food delivery platform Meituan, announced to enter the field of artificial intelligence and build China’s version of OpenAl, with a ChatGPT-Style chatbot, JW Insights learned. 

He established Beijing Guangnianzhiwai Technology (光年之外科技), invested $50 million into the new company, and took a 25% stake. The new company is now valued at $200 million. Wang also revealed several top VCs planned to invest $2.3 billion in the next round of financing.

The top VCs Wang Huiwen mentioned include Source Code Capital and ZhenFund. Currently, no company has signed a formal investment document with Wang Huiwen’s new company, and the company’s valuation in the second financing round has not yet been determined, according to media outlet Waves.

Wang Huiwen’s bet on AI technology comes at a time when tech companies in China rush into the market to create China’s answer to ChatGPT. The chatbot launched by Microsoft-backed OpenAI has become the fastest-growing app in history. It is a cutting-edge language processing AI model which can generate human-like texts includes answering questions. Microsoft announced an additional multi-billion-dollar investment in OpenAI last month, deepening its ties to the startup behind ChatGPT.