Microsoft Chatbot Spinoff Xiaoice Reaches $1 Billion Valuation
- Chinese venture raises capital from Hillhouse, GGV, NetEase
- AI platform powers chatbots used in cars, digital assistants
The Xiaoice website.
Source: Xiaoice
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China-based AI chatbot developer Xiaoice increased its valuation to $1 billion in a funding round led by Hillhouse Capital Management, a boon for the provider of voice and text services used in digital assistants, consumer electronics and cars.
The company, split off from Microsoft Corp. last year, raised more than 500 million yuan ($77 million) in a Series A round, Chief Executive Officer Li Di said in an interview Wednesday. GGV Capital, IDG Capital, NetEase Inc. and Northern Light Venture Capital were also among participants.