StepStar Valuation, Funding & Investors

StepStar is valued at $1B as of December 2024.

Last StepStar valuation

$1B

Series B · Dec 2024

Last StepStar funding round

$719M

Series B · Jan 2026

Cumulative funding StepStar raised

$722M

across 2 funding rounds

Key investors in StepStar

  • Qiming Venture Partners
  • Tencent
  • 5Y Capital
  • Shanghai State-owned Capital Investment
  • SDIC Fund Management
  • Pudong Chuangtou

StepStar Overview

About StepStar

StepStar is a Beijing-headquartered AI company developing large language models and foundational AI technologies under the StepFun brand. Launched in 2023 by former Baidu executives, it released the Step-1 series of models in late 2024, rivaling capabilities of GPT-4 in Chinese language processing and multimodal tasks. The firm focuses on efficient training infrastructure using clusters of thousands of H100 GPUs and partners with domestic chipmakers for hardware optimization. StepStar targets enterprise applications in e-commerce, healthcare, and content generation across China.


Founded

2023

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2B

Revenue model

Licensing, Subscription

Valuation

$1B (Dec 2024)

StepStar Valuation

StepStar is currently valued at $1B, based on its Series B in December 2024.

The $3M round was led by Shanghai State-owned Capital Investment, with participation from Tencent, Qiming Venture Partners, 5Y Capital and Wuyuan Capital.

StepStar valuation by funding round

StepStar valuation by funding round
DateStageValuation
Dec 2024Series B$1B

StepStar Funding History

StepStar has raised a total of $722M across 2 funding rounds.

StepStar's first fundraising round was a $3M Series B in December 2024. The most recent completed round was a $719M Series B in January 2026.

StepStar funding rounds

StepStar funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2026Series BSDIC Fund Management; Xuhui Venture Capital; China Life Private Equity Investment; Tencent; Qiming Venture Partners; Wuxi Liangxi Science and Technology Innovation Industry Investment Fund Partnership; Shanghai State-owned Capital Investment; 5Y Capital; Pudong Chuangtou; Xiamen Itg Group; Huaqin Technology$719M--
Dec 2024Series BShanghai State-owned Capital Investment (lead); Tencent; Qiming Venture Partners; 5Y Capital; Wuyuan Capital$3M$1BStepStar is a Shanghai-based foundation model company established about one year prior to December 2024. It raised a Series B funding round led by Shanghai State-owned Capital Investment, achieving unicorn status at a $1 billion valuation. The company focuses on AI foundation models in the competitive Chinese large model sector. This round positioned StepStar among new unicorns in 2024, amid a year where 109 companies joined the unicorn board, adding significant value and funding to the ecosystem. StepStar's achievement highlights investor interest in AI foundation models despite a cooling in large-scale financings compared to prior years.

Who has invested in StepStar?

12 investors have backed StepStar across its funding rounds, including Qiming Venture Partners, Tencent, 5Y Capital, Shanghai State-owned Capital Investment, SDIC Fund Management and Pudong Chuangtou.

Lead investors include Shanghai State-owned Capital Investment.


StepStar Investors

Investors in StepStar by funding rounds participated
InvestorHQRoundsRoleFirst check
TencentChinaShenzhen2ParticipantDec 2024
Qiming Venture PartnersChinaShanghai2ParticipantDec 2024
Shanghai State-owned Capital InvestmentChinaShanghai2LeadDec 2024
5Y CapitalChinaChina2ParticipantDec 2024
SDIC Fund ManagementChinaBeijing1ParticipantJan 2026
Xuhui Venture CapitalChinaShanghai1ParticipantJan 2026
China Life Private Equity InvestmentChinaBeijing1ParticipantJan 2026
Wuxi Liangxi Science and Technology Innovation Industry Investment Fund PartnershipChinaWuxi1ParticipantJan 2026
Pudong ChuangtouChinaShanghai1ParticipantJan 2026
Wuyuan CapitalChinaBeijing1ParticipantDec 2024

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Investments by StepStar

StepStar has invested in 2 companies to date.

Latest investment by StepStar was on September 9th 2026. StepStar invested in Chipchip Microelectronics in their Angel round.


Latest Investments by StepStar

Chipchip Microelectronics
Dexmal
Description
Chipchip Microelectronics is a semiconductor company engaged in integrated circuit design, technical services, hardware manufacturing, and supporting software development for computing and circuit applications.
Dexmal is a Chinese startup advancing embodied intelligence technologies for robotics. The company develops artificial intelligence software, intelligent robots, and industrial automation systems including system integration services. Dexmal manufactures collaborative robots for assembly lines and warehouses, alongside technical consulting for AI deployment in manufacturing. Based in Shenzhen, it supplies components to electronics firms in the Greater Bay Area, focusing on real-time motion control and machine vision algorithms.
HQ Country-China
HQ City
-
Beijing
Deal Date9 Sep 20264 Jun 2026
RoundAngelUndisclosed stage
Raisedundisclosedundisclosed
Investors-Hengxu Capital; SenseTime Group; Knowledge Atlas Tech; Huaqin Technology
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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StepStar Competitors

StepStar competitors include listed companies like Appier Group, Rackspace, Rezolve AI and Beijing CTJ Info Tech, and private ones like Mirendil and AUI (Augmented Intelligence).

Public and private companies comparable to StepStar
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Mirendil--Private--$1B-
Appier GroupJapanJapanPublicly listed$281M$44M$1B2.9x
RackspaceUnited StatesUnited StatesPublicly listed$2.7B$244M$997M1.6x
Rezolve AIUnited KingdomUnited KingdomPublicly listed$47M($109M)$950M4.0x
Beijing CTJ Info TechChinaChinaPublicly listed$123M$13M$904M4.9x
AUI (Augmented Intelligence)United StatesNew York City, NYPrivate--$750M-

StepStar Public Comps

StepStar is still privately-owned, but its public comps include Appier Group, Rackspace, Extreme Vision, iFLYHealth, Rezolve AI, Beijing CTJ Info Tech, Optasia, ODDITY Tech, Beijing Haitian Ruisheng and Beijing Deep Glint Tech.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Appier Group$281M$44M3.4x2.9x21.6x15.7x
Rackspace$2.7B$244M1.5x1.6x17.1x15.0x
Extreme Vision$44M($6M)22.8x11.6x(163.7x)-
iFLYHealth$136M($7M)7.7x6.2x(150.8x)(144172.5x)
Rezolve AI$47M($109M)23.3x4.0x(10.0x)(19.3x)
Beijing CTJ Info Tech$123M$13M5.3x4.9x51.3x34.6x
Optasia$265M$79M4.3x3.6x14.5x9.1x
ODDITY Tech$810M$131M1.5x1.8x9.6x18.3x

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Common questions about StepStar

When was StepStar founded?StepStar was founded in 2023.
Where is StepStar headquartered?StepStar is headquartered in Shanghai, China.
Is StepStar publicly listed?No, StepStar is a private, VC-backed company.
What is StepStar's valuation?StepStar was last valued at $1B in its Series B in December 2024.
How much funding has StepStar raised?StepStar has raised $722M across 2 funding rounds.
What was StepStar's last funding round?StepStar's last funding round was a $719M Series B in January 2026.
Who are StepStar's investors?StepStar's investors include Tencent, Qiming Venture Partners, Shanghai State-owned Capital Investment, 5Y Capital, SDIC Fund Management, Xuhui Venture Capital, China Life Private Equity Investment, Wuxi Liangxi Science and Technology Innovation Industry Investment Fund Partnership, Pudong Chuangtou, Wuyuan Capital and 2 others.
Which companies are comparable to StepStar?Companies comparable to StepStar include Mirendil, Appier Group, Rackspace, Rezolve AI, Beijing CTJ Info Tech and AUI (Augmented Intelligence).
How many companies has StepStar invested in?StepStar has invested in 2 companies, including Chipchip Microelectronics and Dexmal.
What was StepStar's last investment?In September 2026, StepStar invested in Chipchip Microelectronics' angel round.

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