Woofun AI reports that Evoken Technology, a domestic AI creative content group encompassing LiblibAI, LibTV, and Xingliu, has completed a Series B+ financing round totaling nearly $300 million. The transaction, which closed in the first half of the year, establishes a post-investment valuation exceeding $2 billion, marking the highest single-round valuation in China's AI application sector. Lead investors include Granite Asia, Tencent, and Shunwei Capital, while existing shareholders such as GGV, Ant Group, and Sequoia Capital participated in follow-on investments.

As of May 2026, Evoken Technology's annual recurring revenue (ARR) reached $300 million, a figure nearly tripled since the financing event. This revenue scale places the company on par with global leader Suno and significantly ahead of HeyGen, although Suno commands a substantially higher valuation of $5.4 billion. The financial acceleration is primarily attributed to the March launch of the video tool LibTV, which capitalized on the boom in AI-generated short dramas. LibTV generated over $1 million in daily revenue within its first month, with May monthly revenue surging more than 13-fold compared to its debut. Founder Chen Mian emphasized a strategic focus on upstream creative generation rather than downstream editing competition with Adobe, leveraging underlying models like 'Seedance 2.0' to deliver scalable 'digital labor' via an 'infinite canvas + node workflow.'