# StepFun funding: rounds and investors

> StepFun has raised $718M across 1 round since 2026. Investors include Tengxun Touzi, Qiming Venture Partners and 5Y Capital. Every round with its source.

Source: https://millionrounds.com/company/stepfun (Millionrounds; every figure on the page links to its filing or article)

China · [Series B startup](https://millionrounds.com/companies)

# Who invested in *StepFun*

One round we have observed, with the 10 investors named in it. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

AI Generative AI

Raised 9 months ago

Funding summary Updated 26 Oct 2026

**$718M** raised across 1 round since 2026, from 1 source

- **Latest round:** Series B, $718M Jan 2026
- **Investors:** 10

See who backed them

## The rounds

- **Jan 2026** Series B **$718M** [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) [Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) [5Y Capital](https://millionrounds.com/fund/5y-capital) [Pudong Venture Capital](https://millionrounds.com/fund/pudong-venture-capital) [Xuhui Capital](https://millionrounds.com/fund/xuhui-capital) [China Life Private Equity Investment](https://millionrounds.com/fund/china-life-private-equity-investment) [Huaqin Technology](https://millionrounds.com/fund/huaqin-technology) [Shanghai SDIC Leading Fund](https://millionrounds.com/fund/shanghai-sdic-leading-fund) [Wuxi Liangxi Fund](https://millionrounds.com/fund/wuxi-liangxi-fund) [Xiamen ITG Group](https://millionrounds.com/fund/xiamen-itg-group) Reported by TechNode

## Everyone who backed them

[Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) VC firm **1** round

[Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) VC firm **1** round

[5Y Capital](https://millionrounds.com/fund/5y-capital) VC firm **1** round

[Pudong Venture Capital](https://millionrounds.com/fund/pudong-venture-capital) Growth equity **1** round

[Xuhui Capital](https://millionrounds.com/fund/xuhui-capital) Growth equity **1** round

[China Life Private Equity Investment](https://millionrounds.com/fund/china-life-private-equity-investment) VC firm **1** round

[Huaqin Technology](https://millionrounds.com/fund/huaqin-technology) Growth equity **1** round

[Shanghai SDIC Leading Fund](https://millionrounds.com/fund/shanghai-sdic-leading-fund) Growth equity **1** round

[Wuxi Liangxi Fund](https://millionrounds.com/fund/wuxi-liangxi-fund) Growth equity **1** round

[Xiamen ITG Group](https://millionrounds.com/fund/xiamen-itg-group) Growth equity **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=stepfun).

## Quick answers about StepFun

### Who invested in StepFun?

StepFun's investors include Tengxun Touzi, Qiming Venture Partners, 5Y Capital, Pudong Venture Capital and Xuhui Capital, and 5 more on record.

### How much has StepFun raised?

StepFun has raised $718M across 1 round since 2026.

### When did StepFun last raise?

StepFun's most recent round was a Series B of $718M in Jan 2026.

### What was StepFun's biggest round?

Its most recent round, $718M in Jan 2026, is also its largest on record.

### Who backed StepFun first?

StepFun's first round on record, in Jan 2026, was backed by Tengxun Touzi, Qiming Venture Partners and 5Y Capital and 7 others.

### What stage is StepFun at?

StepFun's latest named round is a Series B, in Jan 2026.

### Where is StepFun based?

StepFun is based in China.

## Companies like StepFun

In the same sector, and raised in the last eighteen months.

[**DeepSeek** $24B · Oct 2026](https://millionrounds.com/company/deepseek)[**AGIBOT** $149M · Oct 2026](https://millionrounds.com/company/agibot)[**Infinigence AI** $344M · Oct 2026](https://millionrounds.com/company/infinigence-ai)[**NIMO** Oct 2026](https://millionrounds.com/company/nimo)[**Nutshell Therapeutics** $40M · Sept 2026](https://millionrounds.com/company/nutshell-therapeutics)[**ByteDance** $33B · Sept 2026](https://millionrounds.com/company/bytedance)

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