Prosperity7, a $3 billion diversified venture capital fund of Aramco Ventures, has participated in a $400 million funding round of China’s AI start-up Zhipu AI, Financial Times reported, citing informed sources.

The Saudi venture capital firm is a minority investor in the startup, which values Zhipu at nearly $3 billion, the report said.

Zhipu employs more than 800 people at its Beijing headquarters. It has previously raised money from Alibaba Cloud, Tencent, Meituan and state-backed National Social Security Fund, the newspaper said.

In January, Saudi Aramco allocated an additional $4 billion to Aramco Ventures, its global venture capital arm, increasing its total investment allocation to $7 billion.  

(Editing by Brinda Darasha;