Jack Ma-controlled private equity firm makes a rare U.S. startup bet as tighter U.S.-China scrutiny has made cross-border technology deals increasingly difficult.
Yunfeng Capital has led a $30 million funding round in San Francisco-based AI commercial insurance startup Corgi, valuing the company at $4 billion. The deal, reported by Business Insider citing people familiar with the matter and reviewed communications, is described as Yunfeng Capital's first publicly disclosed investment in a U.S. startup and an uncommon overseas move at a time of heightened U.S.-China tension over technology and capital flows. Corgi, co-founded by Emily Yuan and Nico Laqua, builds AI-driven insurance infrastructure aimed at speeding underwriting, claims processing, policy management and other back-office work. The startup was part of Y Combinator's summer 2024 cohort and has become known in San Francisco for operating a 24-hour cafe and promoting a seven-day work week. Its valuation has nearly quadrupled in three months, after a May Series B led by TCV raised $160 million at about a $1.3 billion valuation. Including an earlier $108 million Series A and the latest Yunfeng Capital check, total funding has topped $298 million. The investment underscores continued global interest in U.S. AI despite CFIUS (U.S. foreign investment review panel) scrutiny and tighter Chinese controls on outbound technology investment, and it may attract further attention in Washington.