AI startup Unisound raises $88m

Chinese artificial intelligence startup Unisound has raised 600 million yuan ($88 million) in its C plus financing round, led by State-backed China Internet Investment Fund.

So far, the total amount of Unisound's C series financing has reached 1.3 billion yuan, setting a record for the single-round financing in voice recognition companies in China. Unisound is now valued over $1 billion.

Other investors of the C plus round are also from State-backed institutions, including CICC Jia Cheng Investment Management Company and JIC Capital.

This is also among the first batch of investments by China Internet Investment Fund into AI companies. China Internet Investment Fund is co-initiated by the Cyberspace Administration of China and the Ministry of Finance, with its planned size of fund hitting 100 billion yuan.

Huang Wei, founder and CEO of Unisound, said "The entry of State-backed funds reflects that China attaches high importance to the internet of things and AI industries."

According to him, the new fund will be used to increase the research and development investment in key AI technologies, build up talent bases, and seek for commercial application opportunities in vertical sectors.

Unisound was founded in 2012 by Huang and other alumni from the University of Science and Technology of China.

China Internet Investment Fund said in a statement that Unisound boasts a leading position in core AI technologies and chips. It also enjoys first-mover advantages in various application scenarios such as smart home appliances, medical equipment, and automobiles.