Kuaishou Technology's AI video subsidiary Kling has raised about $2 billion from investors, the Wall Street Journal reported on Thursday.
The company said the total funding could increase to as much as $3 billion with additional investor participation. After the fundraising, Kuaishou's stake in Kling could fall to 68.33 percent.
The investment lifted Kling's valuation to $18 billion.
Kuaishou is pushing ahead with a restructuring of Kling. The possibility of a Hong Kong listing after a spinoff is also being discussed.
Kling has released a series of AI models used to make films, advertisements and social media content, competing in the video AI model market with Google, New York-based Runway AI and ByteDance.
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