LiblibAI Parent Evoken Secures Nearly $300M Series B+ at $2B+ Valuation

On June 18, Evoken, the parent company of LiblibAI, announced the completion of nearly $300 million in Series B+ funding, achieving a post-money valuation of over $2 billion—a record single-round fundraising in China's AI application track. The round was co-led by Granite Asia, Tencent, and Shunwei Capital, with participation from HT Investment and Times Capital, and follow-on investments from existing backers including Gaorong Capital and Ant Group.

Revenue & Growth

As of May 2026, the company's ARR exceeded $300 million, nearly tripling since the round closed. Its three core products:

• LiblibAI: China's largest AI asset website and creator community, with over 30 million cumulative users and 500,000+ original models, claiming "one in three designers uses it."
• LibTV: Launched in March 2026, focused on AI video creation, achieving over $1 million in daily revenue in its first month, with May revenue 13x that of the first month, serving nearly a thousand short drama and film/TV institutions.
• Xingliu: An AI design agent with over 10 million cumulative users.

Product Strategy & PMF

Evoken builds a matrix of products around creative content production, covering images, video, and design agents. Founder Chen Mian emphasizes "not targeting ordinary users, but focusing on professional creators," embedding AI into production workflows (e.g., LibTV's infinite canvas + node-based workflow) to boost user stickiness. 80% of daily new users come from organic traffic, and users show strong willingness to pay—LibTV users "complain about the price but still pay," with B-end clients migrating collectively.

Industry Context & Significance

This funding round comes amid a prolonged downturn in China's AI application market. Evoken is one of the few companies centered on domestic creators that has achieved both revenue and valuation growth. Its ARR matches Suno ($300M) and surpasses HeyGen (~$100M), but its valuation multiple remains lower than comparable US companies (e.g., Suno at $5.4B). Investors see this as a sign that Chinese AI applications are beginning to be revalued.

Founder Background

Chen Mian, born in 1992, was formerly the global commercialization head of ByteDance's Jianying and CapCut, and the youngest 4-1 at ByteDance. He advocates that "vertical AI applications are essentially industry workflows plus industry data" and emphasizes rapid iteration to seize the window of opportunity.