SenseTime, a China-based artificial intelligence (AI) technology developer backed by corporates Alibaba, Qualcomm, SoftBank, Suning and Dalian Wanda, has filed for an initial public offering on the Hong Kong Stock Exchange.
Founded in 2014, SenseTime has built an AI software tool for use in facial, object and vehicle recognition as well as medical analysis and autonomous driving, and it is applied in areas including healthcare, finance, entertainment, retail and national security.
The company booked RMB1.65bn ($254m) in revenue in the first half of this year, representing a year-on-year growth rate of almost 92%. It recorded a net loss of approximately $571m during the same period.
SenseTime had secured an undisclosed sum from unspecified backers in late 2020, valuing it at $12bn, the news of which came after July 2020 reports suggesting it was raising $1.5bn at a valuation of roughly $10bn.
The 2020 round came in the wake of $2.6bn in earlier funding, including $1bn supplied by telecommunications and internet group SoftBank in July 2018.
The company closed a $620m series C-plus round at a $4.5bn valuation in May 2018 featuring mobile semiconductor provider Qualcomm’s investment arm, Qualcomm Ventures, as well as investment and financial services group Fidelity, Hopu Capital, Silver Lake and Tiger Global Management.
E-commerce group Alibaba and electronic appliance retailer Suning had joined Singaporean government-owned investment firm Temasek in a $600m series C round the month before at the same valuation. The company’s $410m series B round was raised at a $1.5bn valuation in 2017 and included property developer Dalian Wanda.
CDH Investments, IDG Capital, StarVC, Sailing Capital International, China International Capital, Co-Stone Capital, China Merchants Securities International, 5Y Capital, Everbright-IDG Industrial Fund, Advantech Capital, Zhongping Guoyu Asset Management, Huarong International Financial Holdings, TCL Capital and Infore Group filled out the series B round.
