China’s Kling AI nears US$3 billion round at US$18 billion valuation: sources

Kuaishou-backed Kling AI is close to completing a US$3 billion fundraising round that would value the company at US$18 billion post-investment, according to people familiar with the matter, as competition intensifies in China’s Artificial Intelligence video generation sector.The latest valuation was narrowed from an initial target of US$20 billion set in April, when Chinese short-video giant Kuaishou first planned to spin off Kling AI, according to a source, reflecting the shifting market sentiment for Kling AI.Investors backing this round include Chinese video gaming and social media giant Tencent, another source said.