GUANGZHOU, China — Baidu has raised money for its artificial intelligence (AI) semiconductor business at a valuation of $2 billion, a person familiar with the matter told CNBC.

It comes as the Chinese search giant looks to diversify its revenue streams.

The funding round was led by CPE, a Chinese asset management and private equity firm, the person said. Venture capital companies IDG and Legend Capital were also involved. A fund under Chinese investment company Oriza Holdings also participated in the round.