Amazon (AMZN) said Wednesday it is financing a $500 million line of voice-activated audio-recording devices from two of its most prominent investors.
The company said the funding will be used to support the development of its Alexa voice assistant, which can control smart home devices from the home, and expand its Echo line of products.
Amazon’s voice-based products include the Echo Show, which includes a microphone, a speaker and speaker buds that can also act as an audio recorder, as well as its Echo Dot, which is equipped with a microphone and speaker.
The Echo Show is a digital recorder and speaker for home use that Amazon launched in 2015.
The Echo Dot is an audio-earthing gadget that sells for $299.
The new funding will allow Amazon to expand the Alexa line of devices to include more products, including a smart speaker, Alexa-enabled smart speakers, smart speaker accessories and more.
Amazon has struggled with the popularity of the Alexa-powered Echo, which it said in July would not sell more than 5 million units.
Its Echo speaker, for example, was discontinued in 2018.