Cootek, a China-based mobile internet technology developer backed by technology and trading group Susquehanna International Group (SIG), has filed for a $100m initial public offering in the US.
Founded in 2008, Cootek is best known for TouchPal Smart Input, an onscreen keyboard for mobile devices that generates large quantities of data on its users. It supports 110 languages and had an average of more than 125 million daily active users as of June 2018.
The company made a $3.5m net profit in the first six months of this year from $50.3m in revenue. It will channel the IPO proceeds into sales and marketing, and research and development, particularly in big data and artificial intelligence technology.
SIG subsidiary SIG China invested in Cootek as part of a $46m round in July 2016 that included Chance Talent Management, New Alliance CC, Qiming Venture Partners, fellow VC firm Sequoia Capital China and a vehicle known as Tranquility Communications.
An entity called HG Qiandao provided a further $20m in funding for the company in January 2017. The IPO filing did not reveal details of its earlier funding.
Venture capital firm Qiming is Cootek’s largest shareholder, holding an 18.2% stake. Other notable investors in the company include Sequoia China (17.9%) and SIG China (14.2%).
Credit Suisse Securities (USA), Merrill Lynch, Pierce, Fenner & Smith and Citigroup Global Markets are joint bookrunners for the offering, which is set to take place on the New York Stock Exchange.