Manus raises more than US$500 million after Meta exit

Butterfly Effect, the parent company of AI startup Manus, said on Thursday it completed a funding round of more than US$500 million as the firm resumed independent operations after unwinding Meta's US$2 billion-plus acquisition.

The round was co-led by Boyu Capital and IDG Capital, with existing investors Tencent (0700), Sequoia China and ZhenFund also participating.

Here are some details:

• Manus develops general-purpose AI agents that can autonomously carry out tasks such as research and automation with minimal human input.
• In April, Beijing ordered Meta to unwind its acquisition of Manus amid tightening scrutiny of US investment in Chinese startups developing advanced AI technologies.
• Manus said in August it would resume operating as an independent company and delete some user data as part of its separation from Meta.
• The Information reported in June that Manus' annualised revenue run rate had surged to about US$500 million, up from US$100 million when Meta acquired it, and that the firm was considering a joint-venture structure incorporated in China, paving the way for a Hong Kong listing.

Reuters

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