A new record for the largest single-round financing in China's AI application sector has been set: Yanyu Technology has secured nearly $300 million in funding, bringing its ARR to $300 million, comparable to Suno.

According to Beating's monitoring, Evoken (which includes LiblibAI, LibTV, and Xingliu), a domestic AI creative content group, recently announced the completion of a nearly $300 million Series B+ financing round. The deal actually closed earlier this year, with a post-money valuation exceeding $2 billion, setting a new record for the highest single-round financing in the domestic AI application sector. Lead investors included Granite Asia, Tencent, and Shunwei Capital, with existing shareholders Gaorong Capital, Ant Financial, and Sequoia Capital also increasing their investments. As of May 2026, Evoken's annual recurring revenue (ARR) has reached $300 million, nearly tripling since the closing. This revenue scale in the AI application layer is on par with global leader Suno and far exceeds HeyGen. However, in terms of valuation, Suno, with a similar size, is valued at $5.4 billion, while Evoken ($2 billion) remains significantly undervalued globally. This performance surge is mainly attributed to the video tool LibTV, launched in March. Coinciding with the explosive growth of downstream AI short dramas (AI dramas accounted for 122,000 of the 128,000 micro-dramas produced across the industry in Q1 this year), LibTV's daily revenue exceeded one million US dollars in its first month, and its revenue in May soared to more than 13 times that of the first month. Founder Chen Mian (former head of global commercialization at CapCut) said that the company avoids competing with Adobe in downstream modification and focuses on upstream creative generation. The core lies in reconstructing the underlying models such as "Seedance 2.0" into deliverable "digital labor" through "infinite canvas + node workflow".