ModelBest Starts IPO Coaching: Are On-Device Models Riding the AI Phone Wave?

ModelBest, a Chinese AI company specializing in on-device large language models, has initiated IPO coaching, with its target listing venue being the Shanghai Stock Exchange's STAR Market. The company's valuation is estimated at over 784 million US dollars, and it is backed by investors such as Sequoia China Capital, Shunwei Capital, and Beijing AI Industry Investment Fund. ModelBest plans to release the first version of its new MiniCPM 5.0 model family by the end of this year. In addition to building the 100-member team in Beijing and Shenzhen, the startup expects to build a team in Singapore next year to expand into overseas markets. The company claims that its end-side models have been integrated in mobile devices from smartphone manufacturers such as OPPO, vivo, Samsung, and independent research firm IDC has also released a white paper on the Chinese on-device model market.