China-based speech recognition technology developer AISpeech has raised RMB500m ($75.7m) from investors including contract manufacturer Foxconn and fabless semiconductor producer MediaTek, China Money Network reported yesterday, citing a company announcement.
Investment holding company Oriza Holdings and investment group China Minsheng co-led the round, which also featured Shenzhen Venture Capital, the venture capital firm set up by the Chinese city of Shenzhen’s municipal government.
Founded in 2008, AISpeech develops speech-recognition and natural language processing technology that enables consumer hardware products such as smart home products, consumer robotics and in-vehicle control systems.
Legend Star, a corporate VC arm of conglomerate Legend Holdings, joined TusPark Ventures, a branch of Tsinghua University, to invest an undisclosed eight-figure renminbi amount in AISpeech in 2012.
The company raised $15m in series B funding from investors including VC firm DCM Capital in 2014 before adding $30m from undisclosed backers in an early 2016 series C round.
The latest funding will support recruitment and product development, as AISpeech looks to introduce enterprise-focused personal assistant products into its product range.