Chinese voice recognition firm iFlytek launches $150m AI fund

Chinese voice recognition firm iFlytek launches $150m AI fund

Chinese speech recognition company iFlytek, which has featured in MIT’s list of smartest companies, has reportedly announced an RMB1.02 billion ($150 million) fund to invest in software and hardware startups that look to apply artificial intelligence in consumer electronics, healthcare and other industries.

The fund will target startups that have core technologies but lack the business know-how, or companies that have performed well in commercialising products but are unable to integrate AI into their devices, according to local media reports.

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