Chinese speech technology platform AISpeech has secured 500 million yuan ($69 million) in a fresh funding round from industry funds, state capital investment platforms, and private equity funds.
Investor details remain undisclosed.
The proceeds will help AISpeech to tap different business verticals, and accelerate the innovation of its conversation AI products.
The news comes almost three years after AISpeech filed for an initial public offering (IPO) on the Nasdaq-style STAR Market in Shanghai in July 2022. However, AISpeech’s IPO application was rejected by the Shanghai bourse in May 2023, as the bourse questioned the “sustainability” of its business after the firm’s continued losses and decrease of net assets.
Founded in 2007 by two University of Cambridge graduates, AISpeech offers conversational AI for enterprises and developers. The firm previously completed a 410-million-yuan ($58 million) Series E round of financing led by Shanghai-based dual-currency fund CTC Capital in April 2020.
The Series E round was just four months away from its pre-IPO round in August 2020 and saw participation from the investment unit of Chinese brokerage CITIC Securities, as well as Suzhou Oriza Holdings, a state-owned investment enterprise controlled by Suzhou Industrial Park State-owned Assets.
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DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from January 13– 19, 2024.
