China's AI Token Startup Approaching.AI Raises $180 Million in B Round

Approaching.AI, a Chinese company that produces high-quality AI tokens — the units of text and data that large language models process — has closed a B round worth more than 1.3 billion yuan, according to a report. Combined with earlier raises this year, the firm has now brought in 2.4 billion yuan in 2026. It says several core operating metrics grew more than tenfold in half a year.

The round was led by a group of investors including Zhecai Innovation, Xiaoshan Capital, ICBC Investment, Zhongguancun Science City, Xinglian Capital and Qianjiang Century City. The list also includes Yuncheng Capital, Hunan Gaoxin Zongheng, Jiantou Huake, Shenwan Innovation, CITIC Juxin and Zhuhai Technology Industry Group, a mix of state-linked funds and financial investors.

Token production sits at an unusual point in the AI supply chain: it is closer to data and model operations than to chip fabrication, and demand rises as more companies run AI agents and chatbots in production. Approaching.AI’s pitch is that quality, not just volume, of the tokens fed into training and inference determines how well a model behaves.

The size and speed of the raise suggest Chinese investors remain willing to fund AI infrastructure even as scrutiny of model valuations grows. Whether the company can convert its rapid growth into durable revenue is the question the next round will test.