StepFun
privateStepFun is one of China's "six AI tigers," founded in April 2023 in Beijing. Distinguished by its multimodal-first approach from inception, the company draws its core vision expertise from Megvii (Face++) — Chairman Yin Qi is Megvii's co-founder and CEO, and Chief Scientist Zhang Xiangyu is famous for co-authoring ResNet and ShuffleNet at Megvii Research.
Founder and CEO Jiang Daxin previously served as Corporate Vice President at Microsoft, leading Asia-Pacific internet engineering. Advisor Heung-Yeung Shum is a former Executive Vice President of Microsoft and former head of Microsoft Research Asia (MSRA), often called the "Whampoa Military Academy" of Chinese AI for having trained a generation of the country's top AI leaders.
StepFun has raised over $100M across multiple rounds from investors including Tencent, Xiaomi, Lenovo Capital, and Source Code Capital, reaching an estimated ~$2B valuation by mid-2024; a ~$2.5B pre-IPO round led by existing investors in May 2026 took it to ~$10B ahead of a planned Hong Kong IPO. The Step model series has iterated rapidly from Step-1 through Step-3.7-Flash to Step 5 Preview (September 2026, a 600B/27B MoE at AA Intelligence Index v4.3: 44), spanning language, vision, video, and audio modalities.
Strategically, StepFun leads a Model-Chip Alliance with Huawei, Biren, Moore Threads, and Enflame to validate models on domestic Ascend chips, addressing China's compute sovereignty challenges under US export controls. The company is also the primary AI provider for Geely Auto's Agent OS in mass-produced vehicles, powering multimodal in-cabin AI assistants.
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People
- Jiang Daxin OpenReview — Founder & CEO (formerly Microsoft (Corporate VP, Asia-Pacific))
- Yin Qi — Chairman (formerly Megvii / Face++ (Co-founder & CEO))
- Zhang Xiangyu OpenReview — Co-founder & Chief Scientist (formerly Megvii Research (ResNet, ShuffleNet))
- Gang Yu OpenReview — Video & Audio Lead
- Harry Shum OpenReview — Advisor (formerly Microsoft (EVP); MSRA (Head))
News
- 2026-09-20 StepFun Launches Step 5 Preview: 600B/27B MoE, 1M Context, $1/$2.70 API, AAII v4.3 44; Open Weights Promised for October 15 — StepFun
- 2026-09-12 StepAudio 3 Realtime and StepAudio 3 Gen Technical Reports: Think-While-Speaking Duplex Audio LM and a Unified Discrete Audio Generator — arXiv
- 2026-09-11 StepAudio 3 Music Technical Report: MoE Planner Plus Flow-Matching DiT for Long-Form Music, Elo 1105 on the AA Music Arena Vocals Leaderboard — arXiv
- 2026-08-04 StepFun Completes ~$2.5B Pre-IPO Round; ~$500M Hong Kong IPO Possible This Year — The Standard
- 2026-06-09 StepFun Seeks US$12 Billion Valuation in Hong Kong IPO After ~$2.5B Pre-IPO Round — DigiTimes
- 2026-05-09 Step-Audio-R1.1 (Realtime) Tops Big Bench Audio at 96.4%, Surpassing Grok Voice Agent — Artificial Analysis
- 2026-04-13 StepFun Unwinding Offshore Structure to Pave Way for HK IPO at Up to $10B — Reuters
- 2026-02-25 Tencent-Backed AI Startup StepFun Is Said to Plan Hong Kong IPO — Bloomberg