"Mobvoi's AI Ambitions Soar with $300M IPO Plan in Hong Kong"

 

Mobvoi, a Chinese AI company and smart device manufacturer, is preparing for an initial public offering (IPO) in Hong Kong that could raise up to $300 million. The company is reportedly working with China International Capital Corp. and China Merchants Bank International for the share sale, which could take place later this year. However, details such as the size and timing of the offering are still subject to change. Mobvoi is known for its smartwatches and speakers, but also offers AI software for services including finance, telecommunications, and senior care.

The IPO news comes after Mobvoi recently launched its own large language model, Xulie Houzi, which competes with OpenAI's chatbot, GPT-3. Beijing's internet regulator has published draft guidelines that would require security reviews of generative AI services such as Mobvoi's platform, as well as those from Baidu and SenseTime.

Mobvoi was founded in 2012 by former Google employees and received direct investment from Google in 2015. The company also has partnerships with Volkswagen and Alphabet, and has backing from Sequoia and Zhenfund. It has offices in Beijing, Seattle, and Taipei, and employs around 700 people.

The IPO could provide additional funding for Mobvoi's growth as it competes in the crowded AI market in China. However, the company and its banking partners declined to comment on the IPO plans.