Unisound, a China-based artificial intelligence (AI) technology developer backed by telecoms technology provider China Electronics Corporation Data, has raised $89m in a series C-plus round, China Money Network reported yesterday.
The round was led by China Internet Investment Fund, a vehicle backed by the country’s internet regulator, Cyberspace Administration of China and Ministry of Finance.
Investment bank China International Capital Corporation participated in the round through its Jiacheng Investment Management fund, while investment firm JIC invested through private equity unit JIC Capital Management (Tianjin).
Unisound creates technologies such as voice recognition, language processing and big data applications for connected devices such as home appliances and cars. It expects to release its first AI chip for internet-of-things products later this month.
Additional series C capital will go to investments in AI technologies, staff recruitment and more general business growth.
China Electronics Corporation Data led Unisound’s $100m series C round in May this year through its China Electronics Health Fund.
Cybersecurity software producer Qihoo 360 also took part in the series C round, as did Hanfor Capital Management, a division of industrial park operator Hanfor Holdings, and Qianhai Wutong Mergers and Acquisition Funds.
An unnamed strategic backer had already invested $45m in Unisound in August 2017, two years after ZJU Joint Innovation Investment supplied tens of millions of US dollars in series B-plus funding in 2015.
Unisound had previously raised $50m in series B capital from Qualcomm Ventures, the corporate venturing arm of mobile chipmaker Qualcomm, and Qiming Venture Partners in 2014.