Evoken Technology (EVOKEN) Completes Nearly $300 Million Series B+ Financing

In the fierce competition of the AI application track, one company is quietly rewriting the rules.

On June 18, Evoken Technology (Evoken) announced that it recently completed a Series B+ financing of nearly $300 million, once again breaking the record for single-round financing in China's AI application layer.

Established only three years ago, Evoken Technology has completed nearly six rounds of financing, with a valuation breaking $2 billion. According to the investors disclosed by the company, this round was co-led by Tencent, Granite Asia, and Shunwei Capital, with existing shareholders such as Ant Group and Sequoia China continuing to add to their stakes.

Behind the collective bets by internet giants and top investment institutions, the logic is not complex: Evoken Technology is one of the few companies in the current AI application track that "has both users and revenue." It was the first to run out a market-validated AI content production matrix, gaining considerable user retention and continuous revenue.

In May this year, Evoken Technology's overall revenue increased by more than 3000% year-on-year; ARR (Annual Recurring Revenue) has reached $300 million.

Particularly worth noting is that this is also the first time Evoken Technology has appeared publicly under the unified group brand "Evoken." Previously, its products gave the outside world the impression of "single-point breakthroughs," such as LibLibAI which first gained popularity as an AI image generation platform, LibTV specializing in AI video creation platform, and Xingliu focusing on AI design Agent.

From one idea to multiple products, and then to appearing under a group brand, Evoken Technology has used three years to initially build a unique AI creative content industry ecosystem, becoming one of the AI application companies to find users and business models early.

Luxurious Lineup Bets, Single-Round Financing Breaks Records Again

With star investors such as Gobi Partners, Sequoia China, Tencent, and Ant Group gathering, the investor lineup behind Evoken Technology can be described as luxurious.

When asked how to judge whether a startup in the AI era is worth investing in, investor Zhu Xiaohu, who has invested in multiple internet leading enterprises such as Xiaohongshu and Ele.me, gave a simple and direct answer: "We always look at only one metric, which is retention."

Zhu Xiaohu, who uses "retention" as the investment standard for AI companies, bet on Evoken Technology as early as the angel round.

At that time, it was July 2023, and Evoken Technology had just been established for 2 months. In this round of financing, the investors included Gobi Partners, where Zhu Xiaohu serves as the managing partner of the investment fund, as well as Source Code Capital, which has invested in ByteDance, Meituan, and Li Auto.

By the Pre-A round financing in early 2024, Evoken Technology began to introduce industrial investment resources, with strategic investors entering the game.

In October 2025, with the addition of investors such as Sequoia China and CMC Capital, Evoken Technology completed its Series B financing, amounting to $130 million, the largest single financing in China's AI application track in 2025.

And this round of nearly $300 million financing allows Evoken Technology to once again break the record for single-round financing in China's AI application layer.

Evoken Technology's star-studded investor lineup has expanded again. This round of financing was co-led by Granite Asia, Tencent, and Shunwei Capital, with HT Investment and Times Capital participating in the investment.

Equally worth noting is that existing shareholders such as Gaorong Capital, Ant Group, Yingce Capital, Ming Shi Venture Capital, Source Code Capital, Sequoia China, and several other investment institutions continued to increase their stakes in this round of financing. This also confirms again that Evoken Technology's story of "users first, then everything else" has been recognized in the capital market.

Tens of Millions of Users and $300 Million ARR, Leading the AI Application Layer by a Wide Margin

Facts prove that Zhu Xiaohu did not see wrong. While financing intensively, Evoken Technology has continuously accumulated a batch of loyal users.

One in every three designers in China is using LibLibAI under Evoken Technology for creation. As of now, LibLibAI has accumulated more than 30 million users, owns more than 500,000 original models and over 100 million professional image and video materials, becoming one of China's largest AI material websites and creator communities.

In March 2026, LibTV, focusing on the AI video creation field, went online, providing professional video production capabilities for creators, studios, brands, and film and television teams. In the first month of LibTV's launch, it achieved daily revenue exceeding $1 million, and has maintained hyper-growth over the past three months, serving nearly a thousand short drama teams, film and television production institutions, advertising companies, and brand clients, becoming indispensable infrastructure for many professional content teams in the AI video era.

AI Design Agent — Xingliu, by integrating multimodal models and agent capabilities, can help users complete the entire process from creative conception to design delivery, exploring the way for the next generation of design production methods, with cumulative served users exceeding 10 million.

When mentioning large models, the most intuitive perception from the outside is "burning money for growth," but magically, Evoken Technology, which specializes in AI content applications, has found a mature monetization path, continuously running through the PMF (Product-Market Fit) of multiple AI products, and forming a commercialization closed loop with high revenue, high growth, and healthy cash flow coexisting.

In May this year, Evoken Technology's overall revenue increased by more than 3000% year-on-year; ARR reached $300 million, and it is expected that this figure will break $600 million by the end of 2026.

Evoken Takes Shape, AI Creative Content Ecosystem Initially Formed

Regarding why they chose the direction of AI graphics and images, Evoken Technology's founder Chen Mian stated bluntly: "Multimodal has more opportunities to generate vertical commercial value, and at that time (2023) generative image technology was just emerging, the public felt real shock, and the opportunities in this direction were clearer."

Before starting his business, Chen Mian trained in multiple internet "big factories." Over ten years, he worked at companies such as Tencent, 360, Baidu, Didi, Mobike, and ByteDance like a jigsaw puzzle, serving as a product manager and leading teams to complete business setup from 0 to 1. Recalling this experience, Chen Mian said: "Because I never reached the state I wanted."

Until 2022, when ChatGPT emerged, the huge wave generated by AI also impacted Chen Mian as an internet practitioner. "Doing AI-related categories such as graphics, images, and Agents must come out before 2024 to have a chance." Based on this judgment, in 2023, Chen Mian decisively resigned to start his business.

Over the past three years, AI has made rapid progress, especially multimodal large models achieving daily progress. Benefiting from this, Evoken Technology quickly built products in different fields such as community, video, and design, comprehensively covering the needs of content creators and producers.

From AI images to AI video, and then to AI design Agent, Evoken Technology's layout seems to have a large span, but in reality, it revolves around the core proposition of the content production industry in the AI era: making content more creative while making costs more controllable.

In the past, products under Evoken Technology mostly appeared as single images. This time, appearing publicly for the first time under the group brand "Evoken" also means that the AI creative content industry ecosystem it has built has initially formed.

Starting anew in the name of "Evoken," this company's story has just begun.

Text by Zhang Xiaohui, Proofread by Zhang Yanjun, Images provided by the organizer.

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