China’s AI application industry has set a new record for the largest single-round financing: YanYu Technology has secured nearly $300 million in funding, with ARR hitting $300 million—rivaling Suno.

According to Beating Monitoring, the domestic AI creative content group Evoken Technology (including LiblibAI, LibTV, and Xingliu) has recently disclosed that it has completed nearly $300 million in Series B+ funding. The deal was actually settled earlier in the first half of this year, with a post-investment valuation of more than $2 billion, setting the highest single-round record in China’s AI application sector. The lead investors include Granite Asia, Tencent, and Shunwei Capital, while longtime shareholders such as Gao Rong, Ant Group, and Sequoia increased their stakes.

As of May 2026, Evoken Technology’s annual recurring revenue (ARR) has reached $300 million, nearly tripling from the time the deal was closed. In terms of revenue scale, it has matched the global leading AI application Suno at the AI application layer and far surpasses HeyGen. However, from a valuation perspective, Suno—despite having a similar scale—is valued as high as $5.4 billion, while Evoken Technology ($2 billion) still sits in a significantly lower global valuation tier.

The surge in performance is mainly driven by the video tool LibTV, launched in March. Coinciding with the downstream boom in AI short dramas (in this year’s Q1, out of 128,000 micro-short dramas across the industry, AI dramas accounted for 122,000), LibTV’s daily revenue in its first month already exceeded $1 million, and its monthly revenue in May has skyrocketed to more than 13 times its first-month figure. Founder Chen Mian (former global commercialization head of Jianying) said the company avoids competition with Adobe in downstream editing and focuses on upstream creative generation. Its core approach is to rebuild foundational models such as “Seedance 2.0” into deliverable “digital labor” through an “infinite canvas + node workflow.”