iFLYTEK is seeing to raise $566.5m to sharpen competitive edge in voice recognition

Alibaba, Tencent, and Baidu are all weighing in the field.

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China’s #1 AI-powered voice-recognition company, domestically listed iFLYTEK, announced on May 14 that it is going to raise as much as RMB 3.6 billion (approx. US$ 566.5 million) in a non-public issuance of stocks to support the R&D in AI technologies, including voice recognition, robotics, and new technologies.

China’s tech giants Alibaba, Tencent, and Baidu are all weighing in the field of voice recognition, as this technology is the key to future machine-human communication, which iFLYTEK remains the market leader with a 70% market share.

Source: PingWest