CHI­NESE START-UP EYES $75 BN VAL­U­A­TION

Business Today - - GLOBAL BUSINESS -

Bei­jing-based Bytedance, which runs news and video-shar­ing apps pow­ered by AI, is well on its way to be­com­ing the world’s most valu­able start-up as it is look­ing to raise $3 bil­lion at a val­u­a­tion of over $75 bil­lion. SoftBank is re­port­edly plan­ning to in­vest about $1.5 bil­lion, join­ing KKR, Gen­eral At­lantic and Se­quoia as back­ers. The start-up was set up in 2012 by soft­ware en­gi­neer Zhang Yim­ing.

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