BlueFive co-leads Chinese AI company’s $3bn fundraising

BlueFive Capital, an Abu Dhabi-based alternative asset manager, said it co-led the $3 billion funding round for Chinese AI developer Kling AI.

The Chinese company is valued at $18 billion after the latest fundraising round, BlueFive said in a statement.

Other major investors included CPE, Guofang Investment, Tencent and CITIC Securities. More than 10 institutional investors joined the financing, including China’s internet giants Baidu and Alibaba Cloud.

BlueFive’s contribution to the funding round was not disclosed.

The investment reflects BlueFive Capital’s deepening roots in China, where it has had a full-fledged team since opening an office in Beijing last year.

It has committed capital to some of China’s most promising technology innovators across robotics, artificial intelligence (AI) and autonomous driving.

Hazem Ben-Gacem, BlueFive Capital’s founder and CEO, said the investment represents a significant coup for the company on multiple fronts.

“Securing a strategic allocation in a funding round of this magnitude validates our ability to access premier, highly sought-after opportunities alongside established investors,” he said.

This month, the company acquired a 70 percent stake in Gulf Cobla, a UAE dredging and land reclamation company.

In September, Reuters reported that BlueFive Capital was looking to raise a new $1 billion fund focused on private equity investments in Asia.

Last year, Mumtalakat Holding, Bahrain’s sovereign wealth fund, took a stake in BlueFive.

The company had $4.4 billion in assets under management as of November, according to its website.

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