Food delivery giant Meituan to acquire AI company Light Year set up by Meituan cofounder
STOCKS
Food delivery giant Meituan to acquire AI company Light Year set up by Meituan cofounder
STOCKS

Food delivery giant Meituan to acquire AI company Light Year set up by Meituan cofounder

 

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Chinese food delivery giant Meituan said on Thursday that it’s acquiring artificial intelligence company Light Year from its co-founder and former director Wang Huiwen, in a bid to develop its own generative AI.

The total deal includes $233.7 million in cash and 366.9 million yuan ($50.66 million) worth of debt, Meituan said.

Light Year AI is an artificial general intelligence company involved in the research and development of large language models, and was founded and controlled by Huiwen who helped establish Meituan in 2010. Meituan will control 100% of Light Year after completion of the deal.