According to CoinMeta, Tencent has invested in a new AI laboratory founded by Lin Junyang, a former key executive at Alibaba's Tongyi Qianwen. The laboratory is valued at $2 billion. In the initial round of financing, Tencent invested $20 million, with the total financing amount reaching several hundred million dollars. The initial round was led by Sequoia China and Gaorong Venture Capital, each investing $100 million. Lin Junyang's company is named Pragmatik Labs, which translates to "Pragmatic Technology" in Chinese, and focuses on the next generation of agent for both the digital and physical worlds.