China's VAST raises ¥3B Series B as industry capital piles into AI 3D
What's the deal? Chinese AI startup VAST has raised 3 billion yuan (about $446 million) in a Series B round led by Matrix Partners China. The company builds 3D foundation models and content platforms, and the round drew a wide roster of industrial and financial backers.
Who's in? Investors include Perfect WorldDealroom has a profile for this one. Try Dealroom →, BlueFocusDealroom has a profile for this one. Try Dealroom →, ThunderSoft, 37 Interactive EntertainmentDealroom has a profile for this one. Try Dealroom →, 4399, CDH VGCDealroom has a profile for this one. Try Dealroom →, CICC Capital, CMC CapitalDealroom has a profile for this one. Try Dealroom →, Hongtai CapitalDealroom has a profile for this one. Try Dealroom →, Primavera Capital, Oasis CapitalDealroom has a profile for this one. Try Dealroom →, and Ince CapitalDealroom has a profile for this one. Try Dealroom →, among others. VAST says it has raised roughly 5 billion yuan in under six months, a record for the AI 3D field.
Why now? Founder and chief executive officer Song Yachen says adoption has moved faster than expected, with consensus around world models and user-generated interactive content forming quickly. He had once thought the technology might take another decade to mature.
What's the endgame? VAST is pursuing a two-step plan: first build foundation models that let anyone create 3D content at zero cost in real time, then build a platform to distribute that content and monetise it. Song believes AI 3D will open a platform-level opportunity larger than today's familiar content platforms.
The product: In August, VAST released Tripo P2.0 Preview, its latest 3D foundation model. It lifts the single-object cap from 20,000 to 50,000 triangles and adds native quad topology supporting up to 25,000 quads, output the company says can meet industrial production standards directly.
Traction: VAST is among the few AI startups with both a self-developed foundation model and commercial results. Its core product Tripo Studio serves tens of millions of users globally, while its Tripo model is integrated into workflows at NetEase, Tencent, ByteDance, and Microsoft.
The signal: The mix of backers — capital from autos, e-commerce, gaming, consumer electronics, XR, film, advertising, and tourism — points to a shift from "usable" to "useful" technology. As the article notes, drawing parallels to Salesforce backing Anthropic and BMW backing Figure AI, downstream industrial investment often marks the moment when returns move from projections to visible gains.
Read more: 36kr.com
Image credit: Generated with Gemini
