China-based speech recognition technology developer iFlyTek will launch a RMB1.02bn ($150m) fund aimed at artificial intelligence (AI) software and hardware developers, China Daily reported today.
The fund will target opportunities in sectors such as consumer electronics and healthcare. It will seek to support both AI companies that lack business knowledge and startups that are successfully commercialising products but would like to integrate AI technology.
The vehicle was announced alongside iFltytek’s plans to partner local governments across China to establish incubator and accelerator schemes.
The programs will help startups develop their technologies and offer financial guidance, as well as providing access to hardware components and an online AI curriculum.
Companies that have received funding from iFlytek include consumer robotics manufacturer Roobo, which closed a $53.8m series B round last month, and AI chipset developer Cambricon Technologies, which raised $100m in series A funding in August this year.
Founded in 1999 out of University of Science and Technology of China, iFlytek produces speech synthesis and language processing technology that can also be used for related applications such as noise reduction and digital audio data compression.
The company hopes to expand into Europe, beginning with the UK where it has entered a partnership with Cambridge University to research image recognition technology.