SenseTime plans IPO, R&D centre
HONG KONG: Chinese artificial intelligence (AI) start-up SenseTime Group, valued at more than US$2 billion (RM8.22 billion), is planning an initial public offering (IPO) and aims to open a United States research and development centre as early as next year, said its founder.
The Hong Kong and Beijingbased deep learning firm founded by Tang Xiaoou, a professor at the Chinese University of Hong Kong, is a leader among Chinese AI start-ups that are enjoying fast growth amid demand from the government and private sector for their facial recognition technology.
SenseTime provides applications for facial recognition, video analysis and other areas, including autonomous driving.
The three-year-old firm counts China’s Ministry of Public Security and local heavyweights such as China Mobile, HNA Group and Huawei Technologies as its major clients.
“We are growing very fast, funding is never an issue. We can get as much as we want. Big-name investors are queuing to get in. So for us, we are not in a hurry to IPO. But at the right time, we definitely will,” said Tang.
Hong Kong, the United States and China would be considered for an IPO, he added.
“We don’t have a fixed timetable. It could be next year or the year after, depending on whether it makes business sense,” said Tang, adding SenseTime was also seeking a finance chief. Reuters