Chinese AI creative content group Evoken (which owns LiblibAI, LibTV, and Xingliu) has disclosed the closure of a nearly $300 million Series B+ round. The deal actually closed earlier this year, putting the company at a post-money valuation of over $2 billion — a single-round record for any Chinese AI application startup. The round was led by Granite Asia, Tencent, and Shunwei Capital, with existing backers GSR Ventures, Ant Group, and Sequoia China also participating.
As of May 2026, Evoken's annual recurring revenue (ARR) has hit $300 million, nearly tripling since the close of the round. That puts it on par with global AI darling Suno and far ahead of HeyGen. But here's the twist: Suno commands a valuation of $5.4 billion, while Evoken is valued at just over $2 billion — a significant global discount.
The revenue explosion is largely thanks to LibTV, a video generation tool launched in March. It arrived just in time for an AI short drama boom: in Q1 2026, 122,000 of the 128,000 micro-dramas produced in China were AI-generated. LibTV hit $1 million in daily revenue within its first month, and by May, monthly revenue had skyrocketed to more than 13 times that first-month figure.
Founder Chen Mian (formerly the head of global commercialization at CapCut) says Evoken deliberately avoids competing with Adobe on downstream editing. Instead, it focuses on upstream creative generation, using what it calls an "infinite canvas plus node workflow" to turn underlying models like Seedance 2.0 into deliverable "digital labor."