Kai-Fu Lee’s 01.AI secures Hangzhou state investment worth hundreds of millions of RMB

01.AI, the artificial intelligence company founded by Kai-Fu Lee, has secured investment totaling hundreds of millions of RMB from state-backed investors in Hangzhou and the city’s Linping district. The company announced the agreement on October 30, following its signing two days earlier. Under the arrangement, 01.AI will establish its headquarters in Linping and build a base for helping businesses adopt AI.