Monolith Management, a venture capital firm with staff in Hong Kong and mainland China, was seeking about US$500 million for a new fund focused on Chinese AI, according to people familiar with the matter.

The firm aims to close the fund by the end of this year, the people said.

The final fundraising amount could differ, the people said.

Monolith raised US$289 million for a previous fund last year.

The firm has backed Moonshot, a Chinese AI startup known for its Kimi K3 model, as well as robotics companies Beatbot and D-Robotics.

The fundraising effort comes as investment managers focused on China seek more US dollar capital amid an active Hong Kong initial public offering market and rapid AI progress by mainland Chinese tech firms.

At the same time, regulatory concerns in both the US and China continue to weigh on many international investors.

🔗 Source: Bloomberg

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