On February 19, Beijing-based AI startup Unisound has decided halted its IPO application to the Shanghai Stalk Exchange. As disclosed by company IPO prospectus, Unisound planned to raise approximately RMB 912 million, which will be used to invest AI technologies involving R&D for IoT edge computing chips, intelligent hospital solutions among others. The company will “prioritize business development before considering IPO again”, explained general manager Huang Wei. Market insiders speculate reasons ranging from incomplete information disclosure, performance decline, and failure to cope with tightening regulatory policies.
Founded in 2012, the Beijing-based startup aims at making Internet of Things (IoT) devices smarter by adding AI capabilities such as voice recognition, language processing, knowledge computing and big data solutions. Unisound puts a particular emphasis on smart home appliances, vehicles, and healthcare. Since its establishment, a total of 8 rounds of financing have been completed. On November 3, 2020, the Shanghai Stock Exchange accepted Unisound’s IPO application and disclosed the prospectus. (Source)
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