Vast Raises $200 Million, Joins China’s AI Unicorn Club at $1 Billion Valuation

Beijing-based 3D-modeling startup Vast has raised nearly $200 million in a funding round that values the company at more than $1 billion, making it the latest Chinese artificial intelligence firm to reach unicorn status. The financing was led by Ince Capital and a venture fund backed by China Life Insurance Co., with Genesis Capital, Eminence Ventures and Primavera Venture Partners also participating. Vast's Tripo Studio platform generates 3D models from text and image prompts, with monthly subscriptions starting at $20. The company, which counts Alibaba Group Holding Ltd. and Baidu Inc. among its earlier backers, says it serves 20 million users, primarily in the U.S., and expects to turn profitable within two years. It competes with Tencent Holdings Ltd.’s Hunyuan 3D and Silicon Valley’s Meshy in the market for game-asset creation. Founder Simon Song, 29, a former gamer and former MiniMax and SenseTime technologist, launched Vast in 2023. The company lately released a model that cuts manual editing time for game-ready assets and plans a world-model tool this month.