In a span of less than eight months, Chinese startup 01.AI has achieved a $1 billion valuation. The artificial intelligence (AI) firm, founded by AI trailblazer Kai-Fu Lee, who headed Google in China, has launched a new open-source AI model that surpasses the performance of industry giants, including Meta Platforms Inc.’s (NASDAQ:METALlama 2, on certain vital metrics.

What Happened: The news was announced by Lee himself, the head of Sinovation Ventures and the brains behind 01.AI. 

The startup, which commenced operations in June, has managed to grab the global tech spotlight by surpassing the performance metrics of well-known open-source models. 

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The company’s flagship large language model, Yi-34B, is now accessible to developers globally in both Chinese and English languages.

As reported by Bloomberg, Yi-34B has outshone Meta’s Llama 2, which has been a standard in the industry. 

In an interview, Lee stated, “Llama 2 has been the gold standard and a big contribution to the open-source ...

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