Baidu Raises $293M for Smart Living Unit

[moniya12]

The editorial staff of the PRC.TODAY Portal reports daily on news related to Chinese companies. This time, the news about China focused on the company Baidu.

(Caixin) – Baidu debuted Smart Living Group in 2018 to develop its AI voice assistant platform DuerOS

China's Baidu Inc has raised nearly 2 billion yuan ($293 million) for its Smart Living business unit, which focuses on voice assistants and smart devices, as the search engine giant moves to spin off the unit for a future listing.

Baidu is actively attracting investors
Baidu has signed an independent funding round for its Smart Living group that values ​​the unit at about 20 billion yuan ($2.9 billion), the company said Wednesday. Investors include its own investment arm Baidu Capital, Citic Private Equity and IDG Capital. The deals are expected to close by the end of the year, and Baidu will retain el salvador telegram number database absolute control of the unit after the investment is completed.

The owners did not disclose the amount of money raised. Some sources told Caixin that it was about 2 billion yuan, of which Baidu contributed almost half.

The funding round marked a move for Baidu to spin off its smart home unit for a separate listing on the mainland market, the sources said.

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“ This transaction marks another milestone for Baidu to incubate new companies with its leading technologies and strong synergies with Baidu Core to capture large market opportunities ,” said Robin Li, chairman and CEO of Baidu.

[yadaysrdone]

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