Jul 17, 2019 (China Knowledge) - CloudMinds, a Beijing-based operator of cloud-based systems for intelligent robots, filed to list in the United States, in hopes to raise up to USD 500 mln. The Chinese company is backed by SoftBank Vision Fund.
The cloud-based infrastructure provider for smarter service robots is filing for initial public offering (IPO) after the four-year-old firm secured USD 300 mln in a SoftBank Vision Fund-backed funding in March. This gives the fund a 34.6 % pre-IPO stake in the firm.
CloudMinds is looking at selling half a million of its robot to the Chinese market, ranging from banks and malls to hospitals.
The company's signature machine is the XR1, which is sold for nearly USD 50,000. The robot is equipped with voice, motion, and vision which serves as a platform for developers to write customized programmes.
The XR1 is capable of holding an egg, sewing and even pouring water. The machines can also function as guards in a residential complex, or as service droids, combine internet computing power with in-device processing.
CloudMinds' financials appear to be optimistic in view of it being a newcomer. Its total revenues increased from USD 19.2 mln in 2017 to USD 12 mln in 2018, an increase of 529.1% YoY. However, the company's Q1 2019 revenue decreased by 62.1% to USD 12.4 mln from USD 32.7 mln in the first Q1 2017. The company said that the fall in revenues from cloud AI solutions were due to the delivery timing of purchases related to smart city projects.
The company is raising capital for research and development of products, services, and technologies, and for potential strategic investments and acquisitions, among others.
According to a Frost & Sullivan study quoted by CloudMinds, the market size of total global robotics, measured by sales value, is expected to increase from USD 75.5 bln in 2018 to USD 201 bln in 2023. The use of intelligent robots is becoming more prevalent in factories, warehouses, hospitals, hotels, shops, and homes around the world.
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