Evoken Raises Nearly $300 million in Series B+ at $2 billion Valuation, Hits $300 million ARR
Evoken, a Chinese AI application company, completed a nearly $300 million Series B+ round on June 18, 2026, lifting its post-money valuation above $2 billion. The company's annual recurring revenue reached $300 million as of May 2026, with group revenue growing more than 3,000% year-over-year. Its product portfolio includes LiblibAI, Lovart, and LibTV. The company faced near-collapse in 2023 when its flagship product was delisted and cash reserves fell to 4,000 RMB, but founder Chen Mian pivoted to a multi-product strategy and avoided acquisition.
On June 18, 2026, Evoken completed a nearly $300 million Series B+ financing round, bringing its post-money valuation to over $2 billion. This marks one of the largest single-round financings in China's AI application sector to date. The company's product lineup includes LiblibAI, Lovart (known in China as Xingliu), and LibTV.
As of May 2026, the company's annual recurring revenue (ARR) reached $300 million, with group-wide revenue in May growing more than 3,000% year-over-year. LiblibAI has accumulated 30 million users and 500,000 original LoRA fine-tuned models. Overseas product Lovart, launched five months ago, surpassed $80 million in ARR. LibTV, launched two months ago, saw revenue grow 13-fold.
In May 2023, LiblibAI was taken down for failing to complete large-model filing requirements, burning through more than $3 million during that period. By early 2024, the company had only 4,000 RMB in cash on hand and faced the risk of bankruptcy. Founder Chen Mian rejected multiple acquisition offers and instead pivoted to a group-based product strategy, launching multiple products to diversify risk.
The company does not develop its own models but instead purchases upstream computing power in bulk and integrates it into its products. Chen Mian has publicly stated that the company is ByteDance's largest agent, but denied reselling APIs. LibTV is the first third-party product to integrate ByteDance's Seedance 2.0 series models, completing capability validation before the models were officially released.
Chen Mian previously served as the global commercialization head for Jianying and CapCut at ByteDance. He left in 2023 to found the company. The company is cash-flow positive, but its business model depends on upstream models and technology.
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The event has a measured impact on 1 industry. The strongest current signal is positive for Artificial Intelligence, with intensity 78/100 and 90% confidence over a short term horizon.
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