Chinese smart robot maker files for US IPO
Chinese cloud-based robotics developer CloudMinds has filed for an IPO in the US with a view to raising up to $500 million.
The company has received at least three rounds of funding, including a $300 million investment in March from the SoftBank Vision Fund. The investor’s affiliate SVF Cloud is the largest shareholder with a 34.6% stake, according to a filing.
SBCVC contributed to a Series A round that closed at $100 million in 2017. Foxconn Technology Group, Walden International, and Shenzhen Capital also participated, alongside Institute of Tsinghua University and Zhongguancun Development Group.
A Series B the following year with support from SVF Cloud and a group called Chinalife Nova Investments raised about $130 million. Other investors include Keytone Ventures, Launcher Capital, Bojiang Capital, and Beijing Venustech, and Kaixuan Capital, which contributed to a $30 million seed round in 2016.
CloudMinds was founded in 2015 by Bill Huang, formerly head of China Mobile's research division. The Shenzhen-based company focuses on developing cybersecurity, artificial intelligence (AI) and cloud computing technology used in robots. It describes itself as the first company to commercialize products and services related to cloud-enabled robots.
Revenue improved 530% during 2018 to $121 million, with CloudMinds citing a strong performance by its AI systems for smart city projects and smart devices such as robot controllers and smart phones. Income from these segments is expected to decline over time as the company ramps up efforts to monetize its core robotics services. Net losses expanded 230% during 2018 to $157 million.
The size and pricing of the IPO have yet to be decided.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.