Artificial intelligence applications are progressing into a phase of large-scale commercial validation.

Evoken, an AI application company, has announced the completion of a nearly $300 million Series B+ funding round within the past six months, resulting in a post-money valuation exceeding $20 billion. This marks the largest single funding round in the domestic AI application sector for 2026, setting a new record for financing in this field.

This investment round was jointly led by Granite Asia and Shunwei Capital, with participation from HT Investment and Time Capital. Existing shareholders including Gaorong Capital, Ant Group, Ince Capital, Mingshi Capital, Source Code Capital, Sequoia Capital China, and several other prominent investment institutions also increased their support. Yuanshi Capital served as the financial advisor for this and previous funding rounds.

The financing was reportedly completed earlier in the first half of this year. As of May 2026, Evoken's Annual Recurring Revenue (ARR) has surpassed $300 million, representing nearly a threefold increase since the funding round closed. Over the past 12 months, the company has successfully validated product-market fit for multiple AI products, expanding from a single-product focus to a diversified business portfolio.

In October 2025, Evoken announced a $130 million Series B round, which was the largest single investment in China's AI application sector that year. This new round has now broken that record just months later.

Evoken has established a product portfolio covering AI image generation, design, and video creation. Its core businesses include the AI creation community LiblibAI, the design agent product Xingliu, and the AI video creation platform LibTV, forming a matrix of products targeting different creative scenarios and user groups.

Over the past year, the company has continuously validated market demand and commercialization potential across multiple product lines, furthering its evolution from a single-product company into a platform.

LiblibAI has grown into one of China's leading AI creator communities, with over 30 million cumulative users, more than 500,000 original models, and a vast library of professional image and video resources. The platform has attracted a large number of AI creators and designers, becoming a significant ecosystem for AI content creation.

LibTV focuses on AI video creation, providing video production capabilities for creators, studios, brands, and film teams. Benefiting from the rapid growth of the AI video industry, LibTV has maintained high-speed expansion. Its daily revenue surpassed $1 million within the first month of launch, and it now serves nearly a thousand short drama teams, film production houses, advertising agencies, and brand clients. Data indicates that just over two months after launch, in May 2026, LibTV's revenue reached over 13 times that of its first month.

Xingliu is an AI design agent product built for design scenarios, serving over ten million users cumulatively. By integrating multimodal models and agent capabilities, it assists users throughout the entire process from creative conception to design delivery, continuously exploring new AI-driven design methodologies.

In May 2026, the overall revenue of the Evoken group grew by over 3000% year-over-year. LibTV has become one of the company's fastest-growing new businesses, driving AI video from an experimental tool towards a scalable production solution.

Notably, Evoken is among the few AI application companies that have successfully validated user base growth, revenue growth, and global expansion simultaneously. Its products now serve users across multiple countries and regions worldwide, catering to individual creators, content agencies, brand enterprises, and professional creative teams.

This funding round reflects that AI applications are entering a new stage of large-scale commercial deployment. As model capabilities improve and costs decline, the application layer is unlocking a broader market space, with an increasing number of AI products gaining the capacity for scalable commercialization. The focus of industry competition is gradually extending beyond pure technological prowess to encompass understanding user needs, reconstructing professional workflows, and creating sustainable commercial value.

Compared to many AI companies still focused on a single product, Evoken has developed a matrix of products covering AI images, AI video, and AI design in recent years. From AI images to AI video and design agents, the company continues to build around content creation scenarios, exploring new paradigms for AI-powered content production.

Evoken stated that following this funding round, it will continue to increase investment in research & development and global market expansion. The company aims to persistently enhance its AI creative product capabilities and product matrix development, further improving its global product competitiveness and user reach. Looking ahead, the company will continue to focus on the development and application of generative AI, multimodal models, and agent technologies to drive the ongoing evolution of AI content production methods.