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Chip Startup Horizon Robotics Seeks Funds, Weighs H.K. IPO Timing, Sources Say

Bloomberg News
·1 min read

(Bloomberg) -- Chinese artificial intelligence-chip startup Horizon Robotics Inc. is considering raising $100 million to $200 million in fresh capital, according to people familiar with the situation.

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The Intel Corp.-backed firm is working with an adviser to gauge interest in the fundraise from investors, the people said, asking not to be identified discussing a private matter. Horizon, which is currently valued at about $8 billion, is waiting for more favorable market conditions to launch its planned initial public offering in Hong Kong, they said.

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Deliberations are preliminary and details of the funding round including size and valuation could still change, the people said. A company representative declined to comment on a call with Bloomberg News.

Horizon was looking into a possible Hong Kong listing as soon as this year to raise as much as $1 billion, Bloomberg News reported in October. The Beijing-based firm had previously considered going public in the US before China tightened rules on overseas listings, people familiar with the matter have said.

The chipmaker operates in a burgeoning market for developers of advanced technology as China looks to become a world leader in areas such as artificial intelligence and semiconductors. Tensions with the US have also fueled a push to develop crucial technologies domestically. State-owned carmaker China FAW Group Co. made a strategic investment in Horizon, the startup announced in June.

Backed by investors including Hillhouse Capital and electric vehicle maker BYD Co., Horizon makes chips and software for autonomous vehicles and machines. Its technology can be installed in everything from cars to smart speakers. The company counts Volkswagen AG’s Audi and SAIC Motor Corp. among its partners, according to its website.

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