Chinese-language mobile voice search engine provider Mobvoi announced a deal with Volkswagen Group, and the two parties will set up a joint venture to explore the vehicle artificial intelligence sector.
Volkswagen will invest USD180 million in Mobvoi. This makes the German automaker the sole investor of Mobvoi's series D financing.
According to Mobvoi, Volkswagen and Mobvoi will each own a 50% stake in the joint venture, which will focus on the development of artificial intelligence technologies for vehicles.
Founded in October 2012, Mobvoi aspires to define the next generation of human-machine interaction through their unique artificial intelligence technologies. The company features voice-oriented artificial intelligence solutions. Since its founding, Mobvoi has gained total investments of USD75 million from investors like ZhenFund, Sequoia Capital China, SIG, and Google Ventures.
At present, autopilot is the world's hottest artificial intelligence application scenario. Prior to this, Intel announced plans to acquire Israel's advanced driver assistance systems and autonomous driving provider Mobileye for USD15.3 billion.