One of China’s most highly anticipated artificial intelligence startups, Light Years Beyond, founded by Wang Huiwen, is being acquired by Meituan for $233.7 million in cash. Meituan will also absorb the startup’s $50.66 million debt. The acquisition comes after Wang’s resignation from all corporate roles at Meituan due to health issues, including depression. As part of the deal, Meituan will pay different investors, totaling $234 million. Despite the startup’s limited spending and absence of a product, it had a valuation of $200 million at inception, demonstrating investors’ confidence in Wang’s vision.
Meta Data: {“keywords”:”China, artificial intelligence, startup”}
Source link