TikTok parent ByteDance said to raise $1.45 billion for AI and content

ByteDance, the Chinese company behind the immensely popular video app TikTok, is in talks to raise $1.45 billion for a new fund, The Information reported on Friday citing sources.

The fresh vehicle will help power artificial intelligence and media content for the $75 billion startup that has leapfrogged Uber’s valuation, the report said. ByteDance declined to comment on the matter.

The Chinese startup has set off an aggressive global expansion that sees it merge teen video app Musical.ly into TikTok, which has 100 million and 500 million users, respectively. The upstart has compelled Tencent to up the ante in short videos and Facebook to make a clone.

By 2021, ByteDance aims to count at least 50 percent of its total users from overseas, its founder…

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