VAST, a Chinese AI 3D modeling startup backed by Alibaba and Baidu, is evaluating a Hong Kong IPO, according to Bloomberg. The company has held discussions with Bank of America Corp and China International Capital Corp. (CICC) about a potential share sale.
The listing plan is being explored not long after VAST completed a funding round of nearly $200 million. That round valued the company at about $1 billion, placing it among China’s newest AI unicorns.
June financing pushed valuation to unicorn level
Bloomberg reported that VAST announced the new funding round in June this year. The nearly $200 million raise was reportedly led by Ince Capital, with Primavera Capital and existing investor Jingya Capital among the participating backers.
After the round, VAST’s valuation rose to $1 billion. Its shareholder roster also includes Chinese tech giants Alibaba and Baidu.
Founded by a former MiniMax team member, VAST focuses on text-to-3D tools
VAST was founded in Beijing in 2023 by Song Yachen, who had been part of the founding team at large language model developer MiniMax.
The company’s main product is Tripo Studio, an AI 3D generation platform. Users can enter text prompts or upload photos, and the system generates 3D models with materials and visual detail. Those files can then be exported to major game engines and design software. Its main customer base spans game development, design, and creative industries.
VAST has worked with Chinese game company NetEase on the role-playing game Where Winds Meet, allowing players to upload photos and generate interactive 3D virtual avatars in real time. The company has also taken on project collaborations with Sony and other businesses.
Company says it has about 20 million users worldwide
According to the company, VAST now has about 20 million users globally. The United States is its largest market, followed by Europe, Japan, and South Korea.
Its competitors include Tencent-backed Hunyuan 3D and Silicon Valley AI 3D generation startup Meshy.
Hong Kong continues to draw Chinese AI startups
The report said Chinese AI startups have increasingly turned to Hong Kong for listings in recent years, with the Hong Kong stock exchange becoming a major fundraising venue for the sector. If VAST proceeds, it would be among the first companies in the AI 3D generation segment to pursue a Hong Kong listing.