Boyu Capital

China’s largest single financing for an AI agent startup has closed at over $500 million (RMB 3.352 billion) for Butterfly Effect, parent of Manus. Boyu Capital and IDG Capital led the round, with existing investors Tencent, Sequoia Capital China and ZhenFund participating. Foreign media had reported the company was seeking a $4 billion valuation, double its prior $2 billion. The funding follows the late-September release of Manus 2.0 and Cue, built on the Cascade framework.

Butterfly Effect (Manus) has raised over $500M (RMB 3.352B) in a new round led by Boyu Capital and IDG Capital, with existing backers Tencent, Sequoia Capital China, and ZhenFund participating, making it the largest single round for a Chinese agent-native startup. The company resumed independent operations on Sept 1 after shareholders bought back equity at a $2B valuation. It did not specify use of funds, but posted 17 Beijing roles across product, R&D, operations, and growth on announcement day.