Manus raises more than $500 million after Meta exit

Butterfly Effect, the parent company of AI startup Manus, said on Thursday it completed a funding round of more than $500 million as the firm resumed independent operations after unwinding Meta's $2 billion-plus acquisition.

The round was co-led by Boyu Capital and IDG Capital, with existing investors Tencent, Sequoia China and ZhenFund also participating.

Here are some details:

Manus develops general-purpose AI agents that can autonomously carry out tasks such as research and automation with minimal human input.

In April, Beijing ordered Meta to unwind its acquisition of Manus amid tightening scrutiny of US investment in Chinese startups developing advanced AI technologies.

Manus said in August it would resume operating as an independent company and delete some user data as part of its separation from Meta.

The Information reported in June that Manus' annualised revenue run rate had surged to about $500 million, up from $100 million when Meta acquired it, and that the firm was considering a joint-venture structure incorporated in China, paving the way for a Hong Kong listing.