Singtel Innov8 sells entire stake in Vizzio to embattled founder

Photo credit: Vizzio

Singtel Innov8, a Singapore-based VC firm, has sold all of its 80 preference shares in Vizzio Technologies to the embattled AI firm’s founder Jon Lee.

According to filings with Singapore’s Accounting and Corporate Regulatory Authority, the transaction also removes the S$1 million (US$740,000) in paid-up share capital that Singtel Innov8 injected into Vizzio – an amount now shouldered by Lee.

Data from Alternatives.pe, which tracks filings in Singapore, show that Singtel Innov8 had only acquired the 80 shares four months ago.

The development follows a series of Tech in Asia exposés on Lee, who was then serving as Vizzio’s CEO, for faking several claims he has made in the past, including his doctorate degree.

Vizzio’s board initially supported Lee after the first exposé went out but later appointed an interim CEO – a move suggesting that Lee had stepped down from the role.

Notably, one board member, Kai Fu Lee, resigned from the board shortly before the initial story was published. However, Sinovation Ventures – the VC firm led by the renowned AI researcher – still holds 384 shares in Vizzio.

See also: More cracks appear in Vizzio CEO’s claims

Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.