(Yicai Global) Oct. 25 -- Iflytek Co. [SHE:002230], China's leading intelligent language company, is offering up CNY1.02 billion (USD154.3 million) to improve developer teams for its artificially intelligence platform AIUI, Hu Yu, chief executive, said at the firm's first developers' festival, held Oct. 24 at its headquarters in Hefei, the capital of Anhui province.

The fund will be used to invest in two types of company, Hu said. The first is those with core technologies that lack innovation and entrepreneurial experience, the second is those with good business ideas that are unable to make breakthroughs with Iflytek's core technology.

Iflytek unveiled the AIUI open platform, which uses intelligent voice technology, at the end of 2015. It provides developers in different industries with technical support in voice recognition, voice synthesis and voiceprints.

The platform currently has 460,000 developer teams, receives over a billion interactions a day, and is used on 1.2 billion application terminals.