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Korean conglomerate SK leads $600M round for Chinese chipmaker Horizon Robotics

Horizon Robotics, a three-year-old Chinese startup backed by Intel Capital, just raised a mega-round of fundings from domestic and overseas backers as it competes for global supremacy in developing AI solutions and chips aimed at autonomous vehicles, smart retail stores, surveillance equipment and other devices for everyday scenarios.

The Beijing-based company announced Wednesday in a statement that it’s hauled in $600 million in a Series B funding round led by SK China, the China subsidiary of South Korean conglomerate SK Group; SK Hynix, SK’s semiconductor unit; and a number of undisclosed Chinese automakers along with their funds.

The fresh capital drove Horizon’s valuation to at least $3 billion, the company claims. The Financial Times previously reported that the chipmaker was raising up to $1 billion in a funding round that could value it at as much as $4 billion. Such a price tag could perhaps be justified by the vast amount of resources China has poured into the red-hot sector as part of a national push to shed dependency on imported chips and work towards what analysts call “semiconductor sovereignty.”

Horizon did not specify how the proceeds will be used. The company could not be immediately reached for comments.

In 2015, Yu Kai left Baidu as the Chinese search engine giant’s deep learning executive and founded Horizon to make the “brains” for a broad spectrum of connected devices. In doing so Yu essentially set himself up for a race against industry veterans like Intel and Nvidia. To date, the startup has managed to make a dent by securing government contracts, which provide a stable source of income for China’s AI upstarts including SenseTime, and several big-name clients like SK’s telecommunication unit, which is already leveraging Horizon’s algorithms to develop smart retail solutions. Like many of its peers who are at the forefront of the AI race, Horizon has set up an office in Silicon Valley and hiring local talents for its lab.

Other investors who joined the round included several of Horizon’s returning investors such as Hillhouse Capital and Morningside Venture Capital . There were also some heavyweight new backers, such as a fund run by conglomerate China Oceanwide Holdings as well as the CSOBOR Fund, a private equity entity set up by China’s state-owned CITIC to back projects pertaining to China’s ambitious “One Belt, One Road” modern Silk Road initiative.

Baidu and Softbank’s SB Drive are bringing an autonomous bus service to Japan

Chinese search engine giant Baidu have partnered with Softbank subsidiary SB Drive and manufacturer King Long to deploy a self-driving mini bus service to Japan early next year.

The agreement was announced at Create Baidu, the company’s annual AI developer conference in Beijing. Under the agreement, a version of Baidu’s Apolong autonomous mini bus will be exported to Japan from China in early 2019. This agreement, which for now includes an order of 10 buses, marks the first time autonomous vehicles will be exported from China.

Apolong, co-developed with King Long, is outfitted with Baidu’s Apollo autonomous driving system, which is capable of Level 4 operations, a designation by automotive engineering association SAE International that means the vehicles take over all driving in certain conditions. The buses, which will initially deployed in tourist spots, airports, and other controlled, or geo-fenced areas.

Baidu announced earlier at the conference that it has started volume production of the autonomous mini buses in partnership with King Long. The buses are being produced at King Long’s manufacturing facility in Xiamen, in southeastern China’s Fujian province.

Baidu plans to launch the autonomous bus service in several Chinese cities including Beijing, Shenzhen, Pingtan and Wuhan.

Baidu’s streaming video service iQiyi falls 13.6% in Nasdaq debut

The streaming video service iQiyi, a business owned by China’s online search giant Baidu, dropped 13.6% in its first day of trading on the Nasdaq — closing at $15.55, or down $2.45 from its opening price of $18.

The company still managed to pull off one of the largest public offerings by a Chinese tech company in the past two years raising $2.25 billion — the only Chinese technology company to make a larger splash in U.S. markets is Alibaba — the commercial technology juggernaut which raised $21.5 billion in its public offering on the New York Stock Exchange in 2014.

“It’s a special day and an exciting day for iQiyi, and I will say it’s also an exciting day for the Chinese internet,” said Baidu chief executive Robin Li of the iQiyi public offering.”Eight years ago, when we got started, we were not the first one, we were not the largest one, but we gradually worked our way up, and caught up and surpassed everyone. It has been not an easy journey, but finally we are public. We surpassed everyone. That’s because we have a very strong team. I have a full confidence on Gong Yu and on the whole iQiyi Team.”

Over its eight year history there’s no doubt that iQiyi has gone from laggardly to lustrous in the Chinese streaming video market. Baidu’s offering and Tencent’s video service have both managed to overtake the previous market leader Youku Tudou, which was acquired by Alibaba in 2016.

Tencent leveraged its 980 million monthly active users on the WeChat mobile messaging app, the 653 million monthly active users on its older QQ messaging platform and the company’s attendant social network (think Facebook) to juice growth of its video streaming offering, according to analysis from The Motley Fool.

For Baidu, the company’s pole position for online search became critical to the growth of iQiyi — along with a partnership to China’s ubiquitous hardware manufacturer and technology developer Xiaomi . The company also locked in early content licensing deals with big Hollywood studios like Lions Gate and Paramount — and a deal with Netflix to juice its subscriber base in China. By the end of 2017, Baidu was claiming more than 487 million monthly active users for the service.

The former leader in China’s video streaming market, Youku Tudou, seems to have wilted under the weight of its acquirer’s platform. Alibaba’s ecommerce was never a natural fit with online video streaming.

For all of their massive user bases each of China’s leading video streaming services face a profitability problem. For its part, iQiyi went to market with substantial losses of $574.4 million for the last fiscal year.

 

 

China’s biggest search engine unveils a smart speaker, the first of its AI products to come

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Google Home and the Amazon Echo have new competition.

Baidu, which runs China’s most popular search engine, has produced the Raven H, a voice-activated speaker that runs on an artificial intelligence platform.

The Raven H is the first product in Baidu’s upcoming AI plan, following its acquisition in earlier this year of Beijing-based smart home startup, Raven.

‘Humans & machines have been interacting w/ one another for years, but raven H aims to create a world in which this interaction is seamless.’ – Cheng (Jesse) Lyu, Raven founder & Baidu GM https://t.co/2lrqrxtgUs#BaiduWorld ~*Bring #AI to Life*~ pic.twitter.com/HQFun4bKmR

— Baidu Inc. (@Baidu_Inc) November 16, 2017 Read more…

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China’s Baidu just announced the strangest smart speakers

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Crunch Report | Steve Wozniak Launches Education Platform

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Alibaba, Tencent, Didi and other tech firms pour $12B into mobile operator China Unicom

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Netflix is playing down the significance of its first major distribution deal in China

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Baidu’s iQiyi video service raises $1.53 billion

baidu Baidu is charging up its video content push after iQiyi, its YouTube-style service in China, raised $1.53 billion from the sale of convertible notes to investors. The deal appears to end speculation that the firm was mulling an IPO.
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Baidu furthers AI push with acquisition of digital assistant startup Raven Tech

baidu Baidu is furthering its push into artificial intelligence after it announced the acquisition of Raven Tech, a Chinese startup that developed an AI voice assistant platform. Baidu confirmed it has bought the startup’s tech, product and staff of 60. The deal comes a month after Baidu hired noted AI expert Qi Lu, formerly with Microsoft, as its COO and Group President.… Read More

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