(Yicai Global) June 26 -- Chinese startup AI Speech Information Technology has closed a new round of financing worth CNY500 million (USD77 million) and will move forward with plans to develop its own artificial intelligence chips.

Oriza Holdings and China Minsheng Investment Group led the funding, followed by Shenzhen Capital Group, electronics contractor Foxconn Technology and semiconductor producer MediaTek, reported tech news portal 36Kr, adding that the Suzhou-based firm has set out a clear plan for listing with a preference for China's A-share market.

AI Speech raised tens of millions of yuan in its first round of financing in 2012 followed by a second round of almost CNY200 million in early 2016. The third round of financing was completed in September 2016, with the value raised undisclosed.

The enterprise is cooperating with major AI chip maker through a joint venture and aims to apply its intelligent speech solutions to new products, representing an important new revenue stream for the firm.

AI Speech officially hit break-even point last year and is likely to turn a profit for the first time this year.

Established in 2007 at Cambridge High-Tech Zone in the UK, the company relocated to China in 2008. It is one of a handful of companies with access to human-computer dialogue technology, independent property rights and Chinese-English integrated speech technology.

Editor: William Clegg