Dive Brief:
- Chinese start-up Mobvoi said Google has agreed to take a minority stake in the company, Reuters reported.
- Google is working to rebuild its presence in China.
- The size of Google's investment was not disclosed.
Dive Insight:
The purchase is part of a $75 million fundraising round by Mobvoi, which makes artificial intelligence voice-controlled software. The two companies previously worked together on a Chinese-language voice search for Google’s Android Wear smartwatch operating system.
IBM recently formed a new business unit dedicated to artificial intelligence. The company said it has high expectations for AI growth and has set a revenue target of $1 billion annually by 2018.
