Chinese AI Startup Xiao-i Robot Applies for Listing on Nasdaq
Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co Ltd, also known as Xiao-i Robot, on December 20 submitted a prospectus to the US Securities Regulatory Commission, intending to list on the Nasdaq under the stock code “XI”. Founded in 2001, Xiao-i Robot has independently developed cognitive intelligence AI with its own intellectual property rights.
Combining six core technologies such as natural language processing, speech processing, computer vision, machine learning, emotional computing, data intelligence and super automation, the company has covered fields like contact centers, finance, urban public service, architecture, metaverse, manufacturing and smart medical care.
In terms of government services, Xiao-i Robot took the lead in creating an intelligent robots for the Shanghai Science and Technology Commission. In the metaverse field, in June this year, the company, together with Cocafe, launched the first digital collection with a unique interactive function in China. Owners of the digital collection can have simple daily conversations with it on “Star Island”, gain emotional value, and learn more about how science fiction works or the metaverse.
In 2020, 2021 and the first half of 2022, the company’s net revenue was $13.857 million, $32.524 million and $12.859 million respectively, while the net profit was $-7. 056 million, $3.365 million and $590,000 respectively. The company’s software product sales revenue increased from $11.5 million in 2020 to $24.14 million in 2021, an increase of 109.9%.
The AI startup currently has patent disputes with Apple. The lawsuits with Apple, Apple Computer Trading (Shanghai) Co., Ltd., and Apple Trading (Shanghai) Co., Ltd. over Siri’s speech recognition technology have lasted for many years. On August 3, 2020, the startup claimed 10 billion yuan ($1.4 billion) in compensation. On September 7, 2021, it proposed a ban on stopping the sale of Apple’s iPhone.
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According to the announcement issued by the Shanghai High People’s Court on August 18 this year, the case will be heard again. The first two court sessions between the two companies were held on March 16 and September 28 last year.