China's Manus raises more than $500 million, its first round since beijing unwound Meta's purchase

Butterfly Effect, the Chinese parent of the AI agent Manus, said Thursday it raised more than $500 million in a round led by Boyu Capital and IDG Capital, with Tencent among existing backers joining. It did not disclose a valuation.

It is the company's first raise since China's National Development and Reform Commission ordered Meta's $2 billion acquisition unwound on April 27.

"The fundraising shows that the short-term fallout of the Meta case has been contained and investors are willing to back Manus as an independent company," said Dan Wang of Eurasia Group.