Temasek leads Series C for China home automation player

IDG Capital, CDIB Capital, and Credit Suisse also participated. According to local media, the investment amounted to $100 million.

“We were impressed with Rokid’s industry-leading technology as well as their world-class management team led by [founder Misa Zhu],” Lionel de Saint-Exupéry, chairman and CEO of CDIB Capital, said in a statement. “We believe that they have the attributes to become a major player in Chinese voice recognition software and AI more broadly.”

Rokid’s namesake product is an adaptive AI device that manages housekeeping tasks such as controlling light, temperature, and music through various voice recognition and visual interaction sensors. It also provides information on demand, including calendar schedules and weather forecasts.

The company was valued at around $450 million last year following the signing of a partnership with Alibaba Group that stakeholders expect to support content-related product developments as marketing progresses in China. It operates via bases in Beijing, Hangzhou, and San Francisco.

IDG and Walden International led a $65 million Series B for the company in 2016 that included participation from Advantech Capital. Previous investors also include Linear Venture, Shanghai Moliang Venture Capital and Vision Plus Capital.

VC interest in home automation is based on hopes that some of the early players will develop multi-tool platforms with long-term marketability that expand on the functionality of smart phones. The sector encompasses versatile assistants – also known as smart speakers – as well as connected single-purpose appliances.

The sector began attracting dedicated VC funds as early as 2014, when SAIF Partners and Chinese white goods manufacturer Qingdao Haier launched a RMB320 million ($50 million) program. Recent investment activity includes a $22 million round for Seven Dreamers, the maker of an AI-powered laundry-folding machine, and a $57 million round for household robot company Groove X, which focuses on emotion recognition technology.

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• Topics
• Greater China
• Technology
• Consumer
• Early-stage
• China
• Temasek Holdings
• IDG Capital Partners
• CDIB Capital
• manufacturing