Chinese speech recognition company iFlytek raises $407m funding

Chinese speech recognition company iFlytek raises $407m funding

Photo: Ilyass SEDDOUG/Unsplash

Chinese artificial intelligence (AI) company iFlytek has raised $407 million from a state-backed industry fund and several provincial government funds via a private placement, according to a filing on Shenzhen Stock Exchange.

The company has issued 108 million shares at 27.10 yuan per share to 10 investors including multiple state-backed investment firms besides China Asset Management, the filing said.

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