Mobvoi Inc., a Chinese search-and-smartwatch startup, has earned the attention of the tech giant Google Inc., who has bet tens of millions of dollars, marking its renewed interest in the market it nearly exited five years ago.
The firm is an artificial intelligence startup providing mobile voice search in Chinese. The Beijing-based firm has developed a Chinese smartwatch called Ticwear, a smartwatch operating system, and a Chinese voice search mobile app that has already garnered two million users.
According to previously disclosed details, the rare deal is worth $40-45 million.
Back in 2010, Google has stopped a number of its operations in the country after cyberattacks have perpetrated against Gmail users. The global tech leader has also experienced disagreements with Beijing over search results censorship.
However, Google maintained its online advertising business. Reports also cited other circumstances when the tech giant continued to express its interest in the Chinese market.
A September report from the Wall Street Journal revealed that Google was in talks with the Chinese government and local handset makers as it eyes to unveil a new Android app store.
In 2014, Google's venture-capital arm also invested in a Chinese company, InnoLight Technology Corp., a high-speed optical transceiver manufacturer.
As to the firm's other plans in China, a Google spokesman has declined to disclose details.
Commenting on the Chinese startup, Google's vice president of corporate development Don Harrison said, "Mobvoi has developed some very unique speech and natural language processing technologies."
"We were impressed by their innovative approach and the early traction that they've seen, which is why we're pleased to support them with this investment," he added.
Apart from Google, Sequoia Capital China, ZhenFund and SIG are among the other firms who invested in Mobvoi.