Nearly $300 million in ARR!
Finally, a company in China's AI application layer has emerged that can speak for itself through revenue.
QuantumBit learned thatEvoken, a company that has completed a nearly $300 million Series B+ funding round, has a post-money valuation of over $2 billion..
This round of financing was jointly led by Granite Asia, Tencent, and Shunwei Capital, with participation from HT Investment and Times Capital. Existing shareholders, including Gaorong Capital, Ant Group, Yingce Capital, Ming Capital, Source Code Capital, Sequoia China, and several other well-known investment institutions, continued to increase their investment.
This financing was actually completed earlier this year.
By last month, Yanyu Technology's ARR had exceeded $300 million, nearly three times the amount at the time of the latest funding round.
There is another set of even more striking figures—
Its flagship product, LiblibAI, has accumulated over 30 million users.
Two months after its product LibTV was launched, its revenue in May reached more than 13 times that of its first month.
At a time when AI application companies are constantly being questioned about their commercialization capabilities, these figures carry significant weight.
At a time when the industry is seriously examining the long-term commercial potential of AI applications, Yanyu Technology has pushed the issue to a more concrete level with its actual achievements.
Once an AI application company has a blockbuster product, how can it move towards revenue, workflow, and continuous commercialization?
Continuous multi-product PMF validation supports $300 million in ARR.
The most fascinating aspect of AI applications is their explosive growth.
A product that taps into the gaps between changing model capabilities and user needs can potentially gain millions of users in just a few weeks and become a household name in the industry within a few months.
But the most difficult part of AI application lies here.
Becoming popular is quick, but retention is slow; becoming amazing is quick, but monetization is slow.
Advances in model capabilities remain important.However, for the AI industry to truly mature, application companies need to transform their capabilities into workflows, user habits, and revenue..
What makes Yanyu Technology unique is that it leverages its three products that have achieved Product-Market Fit (PMF) to demonstrate commercial success first.
One is LiblibAI, a one-stop multimodal AI creative community.
To date, it has grown into one of China's largest AI-powered resource websites and creator communities, with over 30 million users, more than 500,000 original models, and over 100 million professional images and video materials.
Or to put it more concretely: one in three designers in China is using LiblibAI for their creative work.
This is already a report card for a top player.
Another one is LibTV, a professional AI video creation tool.
LibTV officially launched in March 2026, providing professional AI video creation capabilities for creators, studios, brands, and film and television teams.
Within the first month of its launch, daily revenue exceeded one million US dollars; within two months, its revenue reached more than 13 times that of the first month.
Its target audience has expanded beyond individual users simply trying it out. Official data shows that LibTV has already served nearly a thousand short drama production teams, film and television production companies, advertising agencies, and brand clients.
at the same time,Xingliu is one of the leading AI design agents in China in terms of user scale.Having served over ten million users, it complements Yanyu Technology's layout in agent design and delivery processes.
Connecting the dots, these three products together demonstrate that Yanyu Technology has already achieved significant user growth and commercialization in three different creative scenarios: AI-powered image creation, video creation, and design creation.
"AI-powered creative content production chain"—the common goal of all products.
Yanyu Technology's products include an AI-powered material website and creator community, an AI-powered video creation platform, and an AI-powered design agent.
Among them, LiblibAI is upstreamIt addresses issues related to models, materials, inspiration, and the creator ecosystem.
It allows AI creation to move beyond one-time generation and instead be accumulated into models, works, and community assets.
LibTV in the midstream and high-value segmentsThis solves the problem of producing professional video content.
Short dramas, films, advertisements, and brand videos are all content scenarios that naturally have higher budgets, more complex requirements, and longer production chains.
Starflow in the design and delivery phaseThis involves embedding AI capabilities into creative conception, visual generation, modification and iteration, and final delivery.
△Image generated by AI.
It didn't expand its functionality horizontally around a single tool, nor did it focus solely on reaping the benefits of a single blockbuster product.
Yanyu Technology seems to be moving forward along the "AI creative content production" chain, which revolves around the creator ecosystem, video production, and design delivery.
Each product can independently meet market demand, and together they form the infrastructure for AI-driven creative content production.
McKinsey has repeatedly mentioned in its AI transformation research that the real way for companies to reap the rewards of AI is not by spreading AI capabilities evenly across all businesses, but by selecting a few high-value scenarios and deeply restructuring end-to-end processes.
Simply put, the key to unlocking the value of AI is shifting from single-point use to workflow reshaping.
This is especially evident in the creative content industry.
Images, videos, and designs may seem like simple generation problems, but they actually represent a complete production chain. Where does inspiration come from? How are materials accumulated? How are models reused? How are videos mass-produced? How are designs modified and delivered? How do teams collaborate? Each link impacts the final business efficiency.
Yanyu Technology's product expansion revolves around AI-driven creative content production, building a systematic content production infrastructure.
When AI applications are no longer just about who can go viral the most...
Content generation and creative production are among the fastest-growing areas of AI applications.
In the AI consumer application ranking released by a16z last year, images, videos, voice, music, and productivity tools have long occupied important positions.
The list also specifically mentioned a change: the most popular products and the most profitable products do not completely overlap.
Among the top mobile apps, the usage rankings and revenue rankings only overlap by 40%. Many products with smaller user bases have achieved higher revenues by relying on stronger professional capabilities and paid conversions.
The importance of "who can keep users paying" is becoming increasingly apparent—especially starting in 2025.
Cursor is the most typical example.
In June 2025, Cursor's backer Anysphere was reported to have an ARR of over $500 million, with a valuation of $9.9 billion; in November of the same year, the company completed a $2.3 billion financing round, raising its valuation to $29.3 billion.
Two days ago, Musk's SpaceX acquired the company behind this AI programming tool, causing its market valuation to soar to $60 billion.
Why are investors willing to give such a high valuation to an AI programming tool?
Because coding has become a daily work portal for developers, and this production process is high-frequency, essential, and has a strong willingness and willingness to pay for it.
ElevenLabs follows a similar logic.
In the first four months of 2026, this voice AI company disclosed an ARR of over $500 million and reached a valuation of $11 billion in a new round of financing.
While voice generation alone may not be that sexy, its potential applications in customer service, sales, recruitment, marketing, and other enterprise scenarios are sufficient to support the large-scale deployment of this capability in practical applications.
These companies together constitute a new value benchmark for AI applications.
Popularity is still important, but simply going viral is no longer enough.Revenue scale, paying users, workflow penetration, and operational quality are becoming increasingly important metrics.
In this new value coordinate system, Yanyu Technology is one of the most representative leading examples in China's AI application field.
Its unique feature is that commercialization validation is not anchored to a single hit product or a single scenario, but rather comprehensively covers multiple core aspects of AI creative content production.
According to the company's disclosure, Yanyu Technology has completed PMF verification for multiple products, forming a business structure with high revenue, high growth and healthy cash flow.
This is also the core reason why leading investors continued to increase their investment in this round of financing.
With a solid, diverse, and commercially viable foundation, Yanyu Technology has become one of the most noteworthy examples of AI applications in China.
It lets the outside world see,Chinese AI application companies have not stopped at simply catching up with global trends.
Leading players are already capable of delivering a commercial solution within their own markets and scenarios.