China’s National AI Team member iFlyTek to raise $567mn

By BizClik Admin
Share

iFlyTek, a Chinese company known for voice-recognition technology, has announced it plans to raise $567mn in a round of private investment.

The funding will be used to expand the company’s AI investments and improving liquidity, and proceeds will go toward developing cognitive technology, AI speech open platform, smart robots, sales and service upgrades.

The largest portion of the investment ($186mn) is to go into the development of a smart speech open platform, which is expected to take three years to complete. According to the China Money Network, iFlyTek expects the platform to generate $487mn in revenue and $83.8mn in net profit every year.

$86.65mn of the funding will be invested in new generation cognitive technology. The company states it plans to spend three years constructing research centres and data centres. It also announced plans to set up more research centres in Suzhou, Shanghai and Guangzhou.

See also:

Baidu, Tencent, Alibaba and iFlyTek: China’s National AI Team

China ahead of US in Big Data but behind in AI as a whole

Tianjin to set up $16bn AI fund

iFlyTek is part of China’s ‘National Team’ for AI which has been put together to develop artificial intelligence. The team is set to include China’s three main tech giants: Baidu, Tencent and Alibaba, as well as voice intelligence specialist iFlyTek.

The companies will be “national champions in AI,” according to China’s Ministry of Science and Technology, and each will have a specialism they will help develop to advance AI in the country. Together, they will aim to develop “next generation AI technologies.”

This was announced following Xi Jinping’s speech at the 40th Communist Party Congress last year which outlined plans for advancing technology across internet, big data and AI.

In July 2017, the Communist Party released a plan to make the country a global leader in technology by 2030.

 

Share

Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia

Sustainability

Huawei smartwatch goes for gold with Ultimate Edition

Lifestyle

How IKEA India plans to double business, triple headcount

Corporate Finance