Chinese tech giant Baidu has confirmed its artificial intelligence voice assistant firm Xiaodu Technology has racked up an eyewatering $5.1bn valuation today.
Following the artificial intelligence (AI) firm’s Series B fundraiser, Baidu will remain a majority shareholder.
The lofty valuation comes in amid a local regulatory clampdown, spearheaded by Beijing, which has locked eyes on the tech industry.
Ecommerce, ride-hailing, education and cryptocurrency have all been subject to tightening scrutiny – with accounting firms becoming the latest to be targeted in China’s bid to tackle financial forgery.
Xiaodu, which is the developer behind voice assistant system DuerOS, completed its Series A funding in November last year, which tipped a valuation just shy of $3bn ($2.9bn), according to Baidu.
The company’s valuation has climbed over $2bn in just nine months, despite the rocky geopolitical climate and the impacts of Covid-19.
Baidu’s AI chip unit Kunlun also secured a valuation of some $2bn in March, according to Reuters.