VAST, developer of 3D generative AI platform Tripo AI, closes $446 million Series B and B+ rounds led by MPCi
The AMW Read
A rapid four-round, ~$744M six-month raise plus a new 3D-native foundation-model release meaningfully advances the 3D generative-media baseline without a stated single round or valuation crossing the mega-round thresholds.
Named counterparties: VAST
VAST, developer of 3D generative AI platform Tripo AI, closes $446 million Series B and B+ rounds led by MPCi
VAST, the Hong Kong-headquartered, Beijing-founded developer of Tripo AI, raised approximately 3 billion yuan ($446.4 million) in Series B and B+ rounds led by China-focused venture firm MPCi. Investors included game developers Perfect World, Yanqu Games, and 37 Interactive Entertainment, strategic backers BlueFocus Communication Group and ThunderSoft, and financial investors CDH Venture and Growth Capital, CICC, CMC Capital Partners, Hongtai Aplus, 3H Health, Zhongping Capital, and GreatOrigin Asia; existing shareholders Fortune Capital, Primavera Capital, and 4399 Network re-upped. The round brings VAST's fundraising over the past six months to roughly 5 billion yuan ($744 million), following a $50 million Series A in March, nearly $200 million in extended Series A tranches by June that pushed its valuation past $1 billion, and a $148.8 million Series A3 round in July. The financing coincides with the preview release of Tripo P2.0, VAST's newest 3D-native foundation model, which the company says generates production-ready 3D objects in seconds.
Tripo's product line — Tripo Studio for text- and image-to-3D generation, plus an enterprise API for game studios and content producers — treats 3D asset creation as its own generative-media category, distinct from image and video generation. The founding team's résumés (CEO Simon Song from MiniMax, Chief Scientist Yanpei Cao ex-Tencent generative-3D, CTO Ding Liang ex-SenseTime vision/LLM) point to China's AI talent consolidating around specialized generative niches beyond general chatbots. Per the AI Market Watch index, Tripo AI's tracked funding stood at $50 million before this round — a snapshot from the index's roughly 5,000-company coverage, not a full accounting of VAST's raises.
For builders, VAST's pace — four funding rounds in under six months — shows Chinese investors funding 3D-native foundation models at a cadence closer to frontier LLM labs than typical vertical-AI startups, raising the bar for teams building text-to-3D tools for game and entertainment clients. For investors, the mix of strategic backers (game publishers, a marketing agency, a software vendor) alongside financial firms like CICC and CMC Capital signals 3D generative AI is being positioned as supply-chain infrastructure for gaming and entertainment, not a standalone speculative bet.
