Will Horizon Robotics Weigh $1 Billion IPO?

News

Ella Jones, Deputy Editor In Chief

Date: 07.06.2021

Chinese artificial intelligence-chip startup Horizon Robotics Inc. is considering a U.S. initial public offering which could raise as much as $1 billion, according to people with knowledge of the matter.

The Beijing-based company, which is backed by investors including Intel Capital, Hillhouse Capital and Jack Ma’s Yunfeng Capital, is working with advisers on preparations for the share sale, the people said. Details of Horizon Robotics’ IPO plans including venue and timing are preliminary as deliberations are ongoing, the people said. A representative for the company declined to comment.

Founded in 2015, Horizon Robotics makes AI chips for autonomous vehicles and machines. It also makes software customized to these chips, which can be installed in everything from vehicles to smart speakers. Its partners include Volkswagen AG’s Audi, BYD Co., SAIC Motor Corp. and Robert Bosch GmbH, according to its website.

Earlier this year Horizon Robotics raised $400 million in a funding round from investors including Yunfeng Capital, Contemporary Amperex Technology Co., Baillie Gifford and CITIC Private Equity Funds.

by Ella Jones | Linkedin

#News #IPO #ICO #HorizonRobotics #Wcryptn.com

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