Baidu's smart home group seeks to raise capital at a $2.9 billion valuation
Baidu today announced that it will seek to raise financing for its Smart Living Business (SLG), the internal group that maintains Baidu's DuerOS voice platform and DuerOS-powered smart devices. Baidu expects a series A funding round valuing SLG at approximately RMB 20 billion ($2.9 billion) to close in Q4 2020 with definitive agreements from CPE, Baidu Capital, and IDG Capital. Baidu will hold super-voting rights in SLG and will continue to consolidate SLG's financial results as a majority shareholder.
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