Yunfeng Capital, owned by Jack Ma, invests $30 million in the American AI startup Corgi

On August 6, Alibaba founder Jack Ma reportedly made a rare overseas move, with his Yunfeng Fund leading the investment in the San Francisco-based AI insurance startup Corgi. This represents Yunfeng Fund's first known US deal, as the firm previously focused mainly on investments in China. News outlet Business Insider, citing sources and correspondence, reported that Yunfeng Fund invested around $30 million in Corgi. Last month, Forbes stated that this funding round valued Corgi at $4 billion. Corgi is an AI commercial insurance startup whose valuation has nearly quadrupled in the past three months.

According to Yunfeng Fund’s official website, the fund was founded in 2010 by Jack Ma and Focus Media founder David Yu, and is a professional private equity investment institution focused on emerging global industries and advanced technology. It focuses on areas such as hard tech, artificial intelligence, green energy, enterprise services, healthcare, and new consumption. The fund has invested in nearly 300 companies at home and abroad, working with entrepreneurial ventures to drive technological innovation and sustainable development, fostering industrial transformation and upgrading.