Chinese AI Start-Up AInnovation Planning an IPO Within Two Years

August 23, 2019 | Artificial Intelligence
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According to Kai-Fu Lee, a well-known Chinese venture capitalist, and founder of Sinovation Ventures, his AI start-up AInnovation would likely be ready to list within two years

Chinese AI start-up, AInnovation is generating buzz around the globe. The artificial intelligence solutions giant focuses on customers in the retail, finance and manufacturing sectors. Prominent clients include Foxconn, Nestlé, Carlsberg, Mars, and the Postal Savings Bank of China Co.

The start-up will likely clock revenues of $ 100 million by next year. It hopes to issue an IPO in the year following for listing on a suitable Chinese exchange. Preliminary estimates suggest the company could touch a valuation of between $ 1billion to $2 billion.

Chinese AI star-up shows record growth

The company’s revenue estimates are ambitious. If indeed AInnovation achieves revenues of $ 100 million within two years of its founding, it would be the fastest such growth for an AI start-up.

According to CEO Hocking Xu, the company followed a policy of hiring high-quality employees and focusing on the industries that would benefit most from artificial intelligence.

Qualified leadership

Xu has also worked with International Business Machines Corp and SAP SE. Kai-Fu Lee is a former president of Google China.

“We’re still at the equivalent of early internet portals, back when everybody was using Yahoo, and there wasn’t even a Google, Amazon, Facebook,” Lee said, referring to artificial intelligence.

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