Vast, a Beijing-based AI startup specializing in generative AI for 3D modeling, is targeting a $2 billion valuation for its Hong Kong IPO, double its approximately $1 billion valuation from its most recent private funding round. The company raised nearly $200 million in its latest funding round with backing from Alibaba and Baidu Ventures. Founder Simon Song Yachen is 29 years old. Bank of America and China International Capital Corp. are reportedly guiding the IPO process. The listing reflects the shift of investor attention from crypto toward AI startups.
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