TMTPOST -- Chinese AI video company AIsphere Technology has completed its A2 to A4 funding rounds, raising nearly 300 million yuan (about $43 million), according to its recent announcement.

Investors include Ant Group for the A2 round, and the Beijing AI Industry Investment Fund, CAS Investment, and Lighthouse Capital for the A3 and A4 rounds. The funds will be used to enhance R&D capabilities, expand computing resources, and build talent teams, accelerating product iteration and market expansion, the company said in the announcement

Founded in April 2023, AIsphere Technology focuses on AI video generation models. Its product, PixVerse, launched in January 2024 for global users, supports text-to-video creation. According to Similarweb, PixVerse had obtained over one million visits by February. PixVerse’s Chinese counterpart, AIsphere Video AI Model, was beta tested in March.

Wang Changhu, the founder of AIsphere, holds a degree from the University of Science and Technology of China, and previously worked as a senior researcher at Microsoft Research Asia and ByteDance’s Visual Technology Director.

In July, AIsphere released PixVerse V2, featuring a proprietary spatiotemporal attention mechanism for generating longer and more cohesive videos. The upcoming PixVerse V3.5, currently in beta, promises reduced generation times to under 30 seconds and improved motion control.

Since the launch of PixVerse V3 in October, creative features like “Venom Transformation” have gained traction on global social media, boosting the platform’s user base to over 12 million with nearly six million monthly active users.

AIsphere raised tens of millions of yuan in 2023 and early 2024 in the angel and A1 funding rounds. Wang expressed confidence in building cutting-edge AI video models to benefit users worldwide.

As global AI video generation markets are expected to grow from $534.4 million in 2023 to $2.56 billion by 2032, the potential growth for AI video generation in China is estimated at 94.7 billion yuan to 585.8 billion yuan.