Government-backed China Internet Investment Fund Leads $89M Series C+ Round In AI Firm Unisound

Chinese artificial intelligence (AI) solution provider Unisound announced that it has raised a RMB600 million (US$89 million) series C+ round led by China Internet Investment Fund – RMB100 billion fund initiated by Cyberspace Administration of China and Chinese Ministry of Finance.

Other investors including CICC Jiacheng Investment Management– a fund backed by CICC, and JIC Capital Management (Tianjin) Ltd. – a private equity fund established by JIC, and a Chinese integrated investment group, according to Unisound’s announcement.

Proceeds of this round will be used for AI investment and talent recruitment, and to expand businesses. The company is also working on an AI chip that can be used for cars.

The round came two months after Unisound raised a US$100 million series C round led by China Electronics Health Fund established by China Electronics Corporation Data (CEC Data), one of China’s biggest telecommunications equipment maker.

Founded in 2012, Beijing-based Unisound provides voice recognition, language processing and big data solutions to Internet of Tings (IoT) devices such as home appliances, automobiles, healthcare and education products. This month, the firm will release its AI chip, which it has spent three years developing for IoT.

The company said its revenue has continued to grow at 100% for three years, and that the AI chip it released in May has contributed to its revenue. It expects revenue to reach RMB500 million (US$74 million) in 2019, with net profit of about RMB100 million (US$15 million).

In 2015, the company raised a series B+ round worth of tens of millions of USD from ZJU Joint Innovation Investment. In 2014, it raised a US$50 million series B round from Qiming Venture Partners and Qualcomm Ventures.