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Business· TMT· Media & Marketing

Robotics company CloudMinds seeks IPO to raise USD 500 mln in U.S

CKN
minutes 2019/07/25 10:05:55
2,969
Robotics Company, artificial intelligence, start-up, New York Stock Exchange, IPO

Jul 25, 2019 (China Knowledge) - CloudMinds Inc, a Chinese robotics and artificial intelligence start-up, is seeking to raise about USD 500 mln by listing in the New York Stock Exchange. By developing a cloud-based platform capable of operating intelligent consumer service robots simultaneously, the 4-year-old company has attracted great interests since its infancy.

Robots designed by CloudMinds have self-contained “brains” which are equipped with data-processing capacity powered by hi-tech chips.  These robots, dubbed “cloud robots”, can potentially access to infinite computing power and data as their “brains” are built in the Cloud.

Robots can be customized through the company’s operating platform which incorporates 3 main parts, including a cloud brain, a nerve network, and robot controllers. These robots can answer customer queries or make coffee in shopping malls, hotels, banks, and even hospitals.

According to the company’s IPO prospectus filed this month, CloudMinds’s main customers are mainly from China’s telecoms and banking sectors. The company intends to diversify its client base and avoid over-reliance on key customers, bracing itself for future competitions.

Last year CloudMinds’s revenue was USD 121 mln, up by 529% YoY. Because the company pumped substantial investments into research and development, its net loss rose from USD 47.7 mln in 2018 to USD 156.8 mln this year.

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