Recurrent AI

Recurrent AI (循环智能) is an AI company that served as the predecessor to Moonshot AI, the developer of the Kimi chatbot. Founded by Yang Zhilin and Zhang Yutao, the company focused on enterprise-facing AI solutions and was an early player in China's large language model wave, with 暗涌Waves noting its place among the "academic faction" of Tsinghua-linked NLP startups in 2023 [^C?]. The company's investors included GSR Ventures, which led three consecutive rounds and held the largest equity stake; ZhenFund, which featured Recurrent AI as an early portfolio company at Huawei Cloud summits in Singapore and Thailand during 2024 ; as well as Huashan Capital, Jingya Capital, Wanwu Capital, and Boyu Capital .

The company became embroiled in a high-profile dispute when Yang Zhilin departed to found Moonshot AI in what some investors viewed as a "resignation and re-start" , while others contested the equity arrangement between the two entities . In November 2024, five of Recurrent AI's seven investors—GSR Ventures, Jingya Capital, Boyu Capital, Huashan Capital, and Wanwu Capital—filed arbitration against Yang and Zhang in Hong Kong through HKIAC . Zhang Yutong, GSR Ventures' former board representative at Recurrent AI who had led the angel round investment in the company , was subsequently accused by some parties of conflicts of interest due to her deep involvement with Moonshot AI's fundraising . Yang maintained that his departure had received approval from all board members and proper procedures .