MiniMax (Hailuo)
<cite index="3-16,3-17,3-18">Founded in 2021 by former SenseTime engineers in Shanghai, MiniMax is valued at $2.5 billion and backed by Alibaba and Tencent. It specializes in text-to-video and conversational AI, rivaling global leaders like OpenAI. A text-to-video AI generator creating high-quality videos for creative industries, competing with OpenAI's Sora.</cite>
<cite index="1-22,1-23,1-24,1-25">Backed by tech giants Alibaba and Tencent, Minimax stands out as one of the most successful consumer-facing Chinese AI startups in the global market. Its flagship product, Talkie, is a companion chatbot available worldwide, generating approximately $70 million in revenue in 2024. The company has shifted from costly foundational model training to building consumer-facing applications on top of existing models.</cite>
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