Shanghai-based artificial intelligence company Infinigence AI, announced an investment of 700 million yuan ($102.9 million) on May 7, marking a milestone achievement for the artificial intelligence-native infrastructure company.

The investment was jointly led by Hangzhou Gaoxin State owned Holding Group Co Ltd and Grand Mount Capital, followed by Tianjin Gouxing Capital Operation Co Ltd, Chindata Group, GF Qianhe, China Insurance Investment, among others.

Completed several months ago, the investment will be utilized in three major areas: to solidify the company's leading role in multi-source heterogeneous technique, to enhance its technical advantage in hardware-software synergy, and to build AI infrastructure with autonomous evolution capability.

Xia Lixue, co-founder and CEO of Infinigence AI, said: "The new round of investment will help us in the breakthrough of building a highly efficient, large-scale and intelligent agentic infrastructure."

Latest data from the Bureau of Statistics showed that by March, China's average daily token consumption had exceeded 140 trillion, an increase of over 40 percent from the end of last year.