The China Securities Regulatory Commission on Thursday officially approved the application of computer vision company DeepGlint to carry out an IPO on Shanghai’s Sci-Tech Innovation Board, or STAR Market.
According to the company’s prospectus, DeepGlint plans to raise about 1 billion yuan ($157 million) through the listing. Of these funds, 345 million yuan is to be allocated for upgrading the AI algorithm platform, 155 million yuan for the R&D of AI applications, 200 million yuan for improving the construction of a marketing service system and 300 million yuan as general working capital.
DeepGlint was founded in 2013 and is headquartered in Beijing. It is mainly engaged in the application of computer vision and big data. Founder and CEO Zhao Yong once served as a senior researcher at Google Headquarters Research Institute and was one of the core members of Google Glass. DeepGlint now serves clients across the fields of security, transportation, finance and retail, among others.
In terms of finance, the prospectus shows that annual revenues from 2019 to 2021 were 51.96 million yuan, 71.21 million yuan and 240 million yuan, respectively, while losses were 74.57 million yuan, 420 million yuan and 78.2 million yuan, respectively. R&D investment accounted for 47.09%, 134.75% and 140.19% of operating revenue, respectively, over these three years – a relatively high proportion.
Up to now, DeepGlint has completed seven rounds of financing. When newly founded, it obtained angel investment worth millions of yuan from Zhen Fund and Ceyuan Ventures. In its second year of establishment, the firm received tens of millions of dollars in financing from Sequoia Capital. The latest round of financing was completed in September last year, with investors including Proverbs Family Office and Leading Capital.
Regarding business applications, DeepGlint focuses on three aspects: people, faces and cars. It has released several innovative products, such as Haomu Behavior Analyzer, Weimu Vehicle Big Data System, Weimu Video Structured System, Weimu Face Recognition System, Weimu View Big Data Platform and DeepGlint Eye Camera.