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Deepti Sri · · 1 min readReport: Yunfeng Capital-backed AI chip startup considers a $1b US listing
“Chinese artificial intelligence-chip startup Horizon Robotics is considering a US initial public offering, which could raise as much as US$1 billion,” Bloomberg reported, citing sources with knowledge of the matter.
Details:
- Horizon is currently working with advisers on a share sale that could happen by the end of the year.
- The company, which counts Intel Capital, Hillhouse Capital, and Jack Ma’s Yunfeng Capital as its investors, is also said to be in preliminary discussions with advisors regarding a venue and the timing for the potential IPO.
Context:
- In February 2019, Horizon Robotics secured US$600 million in a funding round led by South Korean conglomerate SK Group, memory chip manufacturer SK Hynix, and several Chinese carmaker-backed venture capital funds.
- The company is also among a handful of Chinese players focused on developing AI chips and software to power autonomous vehicles and other IoT devices.
Editing by Collin Furtado and September Grace Mahino
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