According to Beating Monitor, Lin Jinyang, former head of technology for Alibaba’s Qwen model, is raising funds for his new AI laboratory with a target valuation of approximately $2 billion. According to sources familiar with the matter, Gao榕 Capital and Sequoia China (HongShan) are in discussions to participate in the round, with funding expected to reach hundreds of millions of dollars. Negotiations are ongoing, and the final valuation may be adjusted; the laboratory’s name has not yet been disclosed. A $2 billion valuation is unprecedented for a Chinese AI startup with no product yet. This valuation is primarily possible because, during his three years at Alibaba, Lin single-handedly elevated Qwen into one of the world’s leading open-source AI model families—particularly beloved by global developers for its low-cost, small-scale models. In early March, Lin publicly announced his departure on X, preceding Alibaba’s official confirmation—a rare case of public rupture. After his departure, Alibaba merged the Qwen research team with other key AI initiatives into a new business unit directly overseen by CEO Wu Yongming, signaling a clear shift toward closed-source commercialization. Comparable U.S. stories have seen even more extreme valuations: Ilya Sutskever, former chief scientist at OpenAI, secured a $5 billion valuation for SSI just three months after its founding; Mira Murati, former CTO of OpenAI, launched Thinking Machines Lab with a first-round valuation of $10 billion. However, multiple Chinese investors told The Information that new Chinese AI labs face greater uncertainties: U.S. high valuations often hinge on the exit expectation of eventual acquisition by tech giants—a logic that does not yet hold in China; additionally, ongoing U.S. export controls on chips make access to computing power itself a significant hurdle.
Former Qwen lead Lin Junyang launches new AI lab targeting $2 billion valuation
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Summary
The crypto community is abuzz over Lin Junyang, former lead of Alibaba’s Qwen, who is now raising funds for a new AI lab targeting a $2 billion valuation. Sequoia China and Gaorong Capital are in discussions to invest, with the round potentially reaching hundreds of millions. Lin led Qwen to global prominence as an open-source model, particularly known for its cost-effective small models. He announced his departure on X before Alibaba officially confirmed it. The company later integrated Qwen’s team into a new division under CEO Wu Yongming, shifting to a closed-source strategy. While U.S. AI startups command higher valuations, Chinese investors perceive greater risk due to chip export controls and differing exit expectations, impacting the risk-reward profile for potential investors.
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