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Baichuan AI
Baichuan Intelligence was founded in April 2023 by former Sogou CEO Wang Xiaochuan. It began with open-source and commercial general-purpose LLMs (Baichuan-7B/13B, Baichuan 2–4). In 2025 it restructured around healthcare, and by 2026 it had narrowed its focus to medical AI, including the Baichuan-M3 and M4 models. Its business model is paid medical-model APIs, hospital partnerships and consumer products such as Baixiaoyi. It has raised roughly $1B in total, including a roughly $691M Series A in July 2024 at about a $2.8B valuation. Wang said in January 2026 that it held about RMB 3B in cash and might consider an IPO in 2027.
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