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Xi proposes AI center and $280 million funding at SCO summit
Chinese President Xi Jinping announced plans for a Shanghai Cooperation Organization artificial intelligence center during the bloc's leaders' summit in Tianjin on September 1. China will provide 2B yuan ($280M) in grants this year and 10 billion yuan in loans over three years to support the initiative. 
Perplexity AI, the developer of an AI-powered search engine, is planning to raise over $500 million in a new funding round, which could push its valuation to $9 billion. While discussions are still in the early stages, the company has already held promising meetings with potential investor What Are VC-Backed Tokens: The Role of Large Crypto Investors
Funding has a decisive role in crypto. Projects need capital for development, user experience design, testing, and other purposes. The sale of a native cryptocurrency is a common way to raise funds. In the case of VC-backed tokens, large investors access a portion of the token’s total supply before the public launch. 
The Chinese artificial intelligence startup Moonshot has successfully completed another funding round, attracting over $300 million and raising the company’s valuation to $3.3 billion. Notable investors include major tech and financial firms such as Tencent, Alibaba, and Gaorong Capital. 
Cybersecurity company Torq, which leverages artificial intelligence to automate repetitive and labor-intensive tasks, raised $70 million in new funding round. According to CEO Ofer Smadari, the company’s annual revenue has surpassed $24 million, with major clients including Procter & Gamble and PepsiCo. 
According to a PitchBook report, crypto startups raised $2.7 billion in the second quarter of 2024 across 503 deals. This marks a 2.5% increase from the previous quarter but a 9.8% decrease from the same period last year. Additionally, the deal count fell by 12.5% from the first quarter of 2024. 
Sonic, a second-layer gaming blockchain built on Solana, has raised $12 million in its latest funding round, reaching a diluted valuation of $100 million. Prominent venture firms like Bitkraft Ventures, Galaxy Interactive, OKX Ventures, and others participated in the investment.