A startup that didn’t exist until 2023 just raised nearly $200 million and crossed the billion-dollar valuation threshold. Vast, a Beijing-based company building AI-powered 3D modeling tools, has become China’s newest AI unicorn, adding another name to an increasingly crowded roster of generative AI companies jockeying for dominance in the world’s second-largest economy.
The company’s core product, Tripo AI, translates text and image prompts into detailed 3D objects. That pitch has resonated with some serious names: clients include NetEase and Sony.
The funding trail
Vast’s path to unicorn status has been unusually fast, even by Chinese AI standards. The company closed a $50 million Series A round in March 2026, led by Alibaba Group and Hengxu Capital, with participation from Baidu Ventures and other investors. That single round pushed the company’s valuation past the billion-dollar mark.
Prior to that milestone, the startup had already pulled in tens of millions from a mix of government-linked and private investors, including the Beijing Artificial Intelligence Industry Investment Fund, Vitalbridge, and Fortune Capital. When you stack all the rounds together, the total funding approaches the $200 million figure.
