Internet technology provider Google invested an undisclosed sum in China-based mobile voice technology developer Mobvoi yesterday in a round that boosted its overall funding to $75m.
The actual amount invested by Google has been placed at between $40m and $60m. Sequoia Capital and ZhenFund invested $1.6m in Mobvoi in 2012 before being joined by SIG for a $10m series B round in February 2014, but the company told TechCrunch it had previously raised additional funding that had not been disclosed.
Google will take a stake in Mobvoi sized at between 10% and 15%, according to the Financial Times. It is investing independently from Google Ventures and Google Capital, both of which, like Google, are now subsidiaries of holding company Alphabet.
A person familiar with the matter told Bloomberg the investment valued Mobvoi at $300m, which would place Google’s investment at $30m to $45m.
Founded by ex-employees of Google’s translation and voice search unit in California, Mobvoi is building an automated voice-based search system, and is also developing a smartwatch called Ticwatch with its own operating system and voice search technology included.
The funding will be used by Mobvoi to increase the size of its team as it looks to enhance its artificial intelligence technology and explore smart car technology.
Apart from the potential of Mobvoi’s technology, the deal is interesting in that it perhaps marks Google’s reengagement with China, after it withdrew from the country in 2010 citing censorship concerns.
– Image of the Ticwatch courtesy of Mobvoi