Jul 18, 2019 (China Knowledge) - iFlytek, a Chinese artificial intelligence company specializing in speech recognition, successfully raised USD 407 mln from a state-backed industry fund and several provincial government funds via a private placement.
The company, which is listed in Shenzhen Stock Exchange, has issued 108 million shares at 27.10 yuan per share to its ten investors, including China Asset Management and other state-backed investment firms.
iFlytek intends to use the funds to improve technology in open platforms for smart speech, its next-generation cognitive technology and service robots. The company specialized in developing voice recognition technology for translation and service robots that are capable of capturing human voice orders.
With more than 20 years in voice recognition technology, the company shares its experience and technical know-how with local governments across China to facilitate the country's strategy of promoting frontier tech.
The company was featured in MIT's list of smartest companies and has a market value of RMB 70.81 bln at time of writing. The company has invested RMB251 mln on research and development last year, which is more than twice its net profit of RMB 125 mln.
Previously, iFlytek made announcements to start a RMB 1.02 bln fund to invest in software and hardware AI startups which are targeted at consumer electronics and healthcare industries.
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