StepFun, a Chinese AI startup specialising in the development of large language models (LLMs), has raised over 5 billion yuan ($717 million) in a Series B+ round of financing as one of the largest LLM investments so far in China. Although its fundraising is still nowhere near OpenAI’s reported funding of $40 billion or Anthropic’s $13-billion Series F round in the US, StepFun received continued support from existing shareholders, including Tencent Holdings, Qiming Venture Partners, and 5Y Capita...