China’s search engine giant Baidu to invest $202m in AI firm Neusoft

A man using a laptop computer walks past an illuminated sign for Baidu Inc. at the Baidu Technology Park in Beijing, China, on Friday, Nov. 25, 2016. Photographer: Bloomberg/Bloomberg

China’s search engine giant Baidu said on Tuesday it will invest 1.44 billion yuan (164.03 million pounds) in artificial intelligence firm Neusoft Holdings, with a view to collaborate in sectors such as smart cities and healthcare.

Baidu’s chief technology officer, Wang Haifeng, will serve as a board director for Neusoft, which was founded in 2011 in the northeastern Chinese city of Dalian, Baidu said.