Pudong to add 1,000 AI firms in next three years

Shanghai's Pudong New Area aims to add 1,000 artificial intelligence companies over the next three years and increase the core industry's output value to over 200 billion yuan ($27.87 billion).

This was announced during a global promotion conference on the AI industrial ecosystem in the area held on July 27.

Pudong's AI industry already boasts a scale exceeding 160 billion yuan, accounting for roughly 40 percent of Shanghai's total.

Over 200 companies specializing in vertical models have established operations in the area, with 28 large models having completed filing or registration.

The area's intelligent computing power accounts for nearly half of the city's total capacity.

To bolster future AI development, Pudong aims to strengthen foundational support, promote integration, and coordinate technological breakthroughs with application scenario development. Plans include releasing over 30 new application scenarios.

The area is launching an AI seed fund with a total scale of 2 billion yuan, with an initial phase of 500 million yuan. The fund will focus on seed-stage investments in innovative talent and cutting-edge technologies.

Pudong has also established a fund matrix exceeding 100 billion yuan through guidance funds to attract social capital.

In addition, 2 million square meters of property space will be available for AI innovation, R&D, and industry aggregation.