Technology giant Meta said in an official statement on Monday that it has bought Chinese AI firm Manus, one of the latest investments among Silicon Valley’s heavyweights to maintain pace in the AI sector.
The underlying purchase value for the company is estimated to be more than $2 billion.
The Wall Street Journal was the first to report on the event via an exclusive.
Manus operates an AI service-based employee that is capable of carrying out complicated tasks such as market research, coding, and data analysis. Manus’s first general AI agent was launched this year.
Manus’s general AI agent is part of a larger trend among companies in China to create their own suite of services and products.
At the time of writing, Meta shares were priced at $658.69.
According to Reuters, Chinese firms interested in creating AI products and services are choosing to operate out of Singapore to avoid potential U.S.-China tensions, which could disrupt operations.
China is also maintaining a stricter stance on AI services, recently rolling out a set of rules focused on AI chatbots that could spur instances of suicide and risky behaviour, including gambling.
“Manus is already serving the daily needs of millions of users and businesses worldwide….We plan to scale this service to many more businesses,” read the official statement.
Meta said in the official statement that it will be integrating Manus in its own product and services, and also selling the product once it has purchased the company.
As other tech companies continue to ramp up their involvement in AI, Meta plans to ramp up capital expenditures well into 2026 for the development of AI products. It is also offering lucrative salary packages to snag the best possible talent it can.
Founder and CEO Mark Zuckerberg brought focus in Meta’s Q3 earnings to its leading position in AI glasses and Meta Superintelligence Labs—the company’s specialised AI division.