Baidu's Smart Living Business Gets Backed at $2.9B Market Cap
September 30, 2020
Baidu's Smart Living Group has entered into definitive agreements with
CPE, Baidu Capital and IDG Capital for Series A financing at a
post-money valuation of approximately RMB 20 billion, or $2.9 billion.
SLG operates DuerOS voice assistant and DuerOS-powered smart devices.
Transaction is subject to certain closing conditions and is expected to
be completed in the fourth quarter of 2020. Upon the completion of the
Transaction, Baidu will hold super voting rights in SLG and is expected
to continue to consolidate the financial results of SLG, as a majority
"We are pleased to see the rapid growth of SLG since inception in 2017,
to become a leading player in China (and globally) in the fast growing
voice assistant and smart devices market by leveraging Baidu's AI
capabilities, " said Robin Li, Chairman and CEO of Baidu. "This
transaction marks another milestone for Baidu to incubate new businesses
with its leading technologies and strong synergies from Baidu Core, to
capture large market opportunities. "
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