Page 4 - Light Year News Today

(Bloomberg) -- Meituan is buying a co-founder’s generative AI startup for almost $234 million, a deal that gets the food-delivery giant into a Chinese race to develop ChatGPT-like services.Most Read from BloombergSwitzerland Blocks Sale of Leopard 1 Tanks Bound for UkraineA $100 Billion Wealth Migration Tilts US Economy’s Center of Gravity SouthTrump ‘Standing Order’ to Declassify Not Found by DOJ, Intelligence AgencyPutin Claims He’s Back in Control. Russia&#x...

Meituan is buying out Light Year, an artificial intelligence (AI) start-up established by a co-founder and ex-director at the food delivery services giant, for a total consideration of $281 million, as Chinese Big Tech firms step up their interest in AI, reports the South China Morning Post. The deal involves $233.7 million in cash and…

Meituan: The deal comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT.

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The deal comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT. The total deal for Light Year includes $233.7 million in cash with 366.9 million yuan ($50.66 million) worth of debt and a payment of $28 million to the AI firm's previous investor HongShan, a investment fund by Sequoia Capital China Growth Fund VII, Meituan said.

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(Reuters) -Chinese food delivery giant Meituan said on Thursday that it is acquiring artificial intelligence (AI) company Light Year from its co-founder ...

The cash consideration includes a $28-million payment to HongShan, which holds a 2.44% stake in Light Year.

Staff reporter Meituan (3690) announced yesterday that it has agreed to buy the entire interest in Light Year for US$234 million (HK$1.83 bi...