Lin Junyang, the former head of technology for Alibaba's Qwen model, is raising funds for a new AI laboratory with a target valuation of approximately $2 billion. Sources indicate that Gao榕 Capital and Sequoia China are in discussions to participate in the funding round, which is expected to reach hundreds of millions of dollars. The lab's name has not been disclosed, and negotiations are ongoing, with the final valuation subject to adjustment. Lin's reputation stems from his success at Alibaba, where he elevated Qwen into a leading open-source AI model family. His departure from Alibaba was publicly announced in March, preceding the company's official confirmation. The move comes amid a shift in Alibaba's AI strategy towards closed-source commercialization. Despite the ambitious valuation, Chinese AI startups face challenges, including U.S. export controls on chips, which complicate access to necessary computing power.