MiniMax, a Chinese AI startup focusing on big data models, is nearing the completion of a funding round of over $250 million, with an estimated valuation of nearly $1.2 billion.

The company is developing an artificial intelligence solution similar to ChatGPT. According to two sources, MiniMax’s latest funding round has attracted new investors, including entities associated with Tencent. It is reported that MiniMax received investment from Mihoyo in a previous funding round. Other early investors include Yunqi Capital and Mingshi Capital.