Vast, a Beijing-based startup specializing in AI-powered 3D modeling tools, has raised nearly $200 million, achieving unicorn status with a valuation exceeding $1 billion. Founded in 2023, Vast's rapid ascent in the AI sector is marked by its flagship product, Tripo AI, which converts text and image prompts into detailed 3D objects. The company has attracted major clients, including NetEase and Sony, indicating strong market acceptance. The company's swift rise was propelled by a $50 million Series A funding round in March 2026, led by Alibaba Group and Hengxu Capital, with participation from Baidu Ventures. This round alone pushed Vast's valuation past the billion-dollar mark. Prior investments came from a mix of government-linked and private investors, including the Beijing Artificial Intelligence Industry Investment Fund. Vast, founded by Simon Song, boasts nearly 10 million users and 90,000 studios and companies on its platform, positioning itself as a competitor to Tencent and Google in the text-to-3D generation space.