Xiaodu, a voice assistant technology developer spun off by internet group Baidu, completed a series B round of undisclosed size yesterday, valuing it at $5.1bn.
The participants in the round were not disclosed but it follows an undisclosed amount of series A funding from unnamed investors in November 2020 at a $2.9bn post-money valuation, the company said.
Baidu remains the minority investor in Xiaodu, which has developed consumer products utilising artificial intelligence technology that include smart speakers.
Herman Yu, Baidu’s chief strategy and chief financial officer, said Xiaodu is now the largest provider of smart-display products worldwide based on shipments, and revenue from services including membership, advertising and skills made up more than 10% of its revenue in 2020.
The deal came five months after another Baidu spinoff, semiconductor technology provider Kunlun, raised an undisclosed amount from external investors at a reported $2bn valuation.
