Aug. 24 (Reuters) – Chinese tech giant Baidu Inc (9888.HK) announced on Tuesday that its artificial intelligence (AI) voice assistant Xiaodu Technology has entered into a Series B financing for a valuation of $ 5.1 billion. dollars.
It comes amid a regulatory crackdown on the tech industry by Chinese authorities that has caused upheaval in many industries, including e-commerce, ridesharing and cryptocurrency. Read more
Xiaodu is the developer of DuerOS, an AI-based voice assistant system that supports TV, speakers, and other smart home devices. It completed its Series A funding in November 2020 with a post-currency valuation of $ 2.9 billion, Baidu said.
Earlier in March, Baidu said its AI Kunlun chip unit also completed a fundraiser, which a source with direct knowledge of the matter said valued the company at around $ 2 billion. (https://reut.rs/3D9Xcbo)
Baidu said on Tuesday that after the transaction, it would remain a majority shareholder.
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Report by Tiyashi Datta in Bangalore; Editing by Rashmi Aich
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