Evoken Completes Nearly $300M Series B+ Round, ARR Reaches $300M, Setting Record for Domestic AI Application Funding

On June 18, AI creative content group Evoken announced the completion of a nearly $300 million Series B+ funding round, co-led by Granite Asia, Tencent, and Shunwei Capital, with participation from HT Investment and Times Capital, and follow-on investments from existing shareholders Gaorong Capital and Ant Group. The post-investment valuation exceeds $2 billion, setting a record for the largest single-round financing in China's AI application sector.

Evoken operates three products: Liblib AI, LibTV, and Xingliu Agent. As of May 2026, the company's ARR (annualized revenue) has reached $300 million, nearly tripling since the completion of this funding round. Liblib AI has accumulated over 30 million users and hosts 500,000 original models, earning the reputation that "one in every three Chinese designers uses it." Launched in March 2026, LibTV achieved daily revenue exceeding $1 million in its first month, with May revenue over 13 times that of the first month, serving nearly a thousand short drama and film institutions. Xingliu has served over 10 million users.

Funding Background and Market Significance

This round follows Evoken's $130 million Series B in October 2025. Previously, the domestic AI application market had been sluggish, with low payment rates and willingness, and a lack of killer PMF scenarios. Evoken is one of the few companies centered on the domestic creator ecosystem that has simultaneously achieved revenue and valuation growth. Its $2 billion valuation surpasses some edge-side and multimodal foundation model companies, entering China's AI application club with a valuation exceeding 10 billion RMB.

Product Matrix and PMF Validation

Evoken has built a matrix of products around AI creative content: Liblib AI focuses on assets and creator communities, LibTV specializes in AI video production, and Xingliu is positioned as an AI design agent. These three products target the same demographic—professional content producers (prosumers).

PMF validation is evidenced by three signals:

• Organic Growth: 80% of daily new users come from organic traffic; LibTV attracted 100,000 creators on its first day.
• Willingness to Pay: LibTV adopts a "membership subscription + on-demand points consumption" model, with users "complaining about the cost while paying." Daily revenue exceeded $1 million in the first month.
• Institutional Migration: Within a month of launch, over 300 short drama and film companies integrated LibTV, moving their entire creative workflow onto the platform.

Growth Logic and Industry Impact

Founder Chen Mian (former head of global commercialization for ByteDance's Jianying and CapCut) emphasizes that AI applications should focus on "upstream creative links" to avoid direct competition with giants. LibTV's "infinite canvas + node-based workflow" integrates scripts, storyboards, shots, and editing into a single space, transforming video creation from "card-drawing" to "building blocks," deeply embedding into production processes.

In Q1 2026, AI-generated dramas accounted for 95% of all micro-short dramas (122,000 titles), driving demand for AI creation tools. Evoken's growth benefits from this industry boom. In comparison, overseas, Suno's $300 million ARR corresponds to a $5.4 billion valuation, while Cursor's ~$2 billion ARR corresponds to a $60 billion valuation. Chinese AI applications remain undervalued, but the slow-burn sector presents opportunities.

Future Outlook

Chen Mian stated that the company will continue to build around the AI creative content industry, pushing AI from a tool to content infrastructure. After this round, Evoken becomes one of the few domestic AI companies with sustained growth, commercialization, and platform capabilities, with its "AI content group" positioning gaining market recognition.