China's Largest Single Round of Financing in AI Application History: Infervision Raises Nearly $300 Million, with ARR Reaching $300 Million on Par with Suno

According to Dongcha Beating monitoring, the domestic AI creative content group Evoken Technology (including LiblibAI, LibTV, and Xingliu) recently disclosed the completion of nearly $300 million in Series B+ financing. The transaction actually closed earlier in the first half of this year, with a post-investment valuation exceeding $2 billion, setting a record for the highest single-round valuation in the domestic AI application field. Lead investors include Granite Asia, Tencent, and Shunwei Capital, with existing shareholders such as GGV, Ant Group, and Sequoia Capital increasing their stakes.

As of May 2026, Evoken Technology's annual recurring revenue (ARR) has reached $300 million, nearly tripling since the transaction. This revenue scale in the AI application layer is on par with the leading global application Suno and far exceeds HeyGen. However, in terms of valuation, Suno, with a similar scale, is valued at as high as $5.4 billion, while Evoken Technology ($2 billion) still lags significantly behind on a global scale.

The performance breakthrough is mainly attributed to the launch of the video tool LibTV in March. Coinciding with the surge of downstream AI short dramas (with AI dramas accounting for 122,000 out of 128,000 micro-dramas in Q1 of this year industry-wide), LibTV's daily revenue surpassed $1 million in the first month, and the monthly revenue in May has soared by over 13 times compared to the first month. Founder Chen Mian (former global business lead at Jianying) stated that the company avoids downstream editing competition with Adobe, focusing on upstream creative generation. The core lies in transforming underlying models such as "Seedance 2.0" into deliverable "digital labor" through an "infinite canvas + node workflow."