Mobvoi, a new company that works with artificial intelligence, is reportedly raising money for an IPO on China’s new tech board.
Mobvoi is a Chinese startup with its headquarters in Beijing. The company was established in 2012 by a group of individuals who had previously worked for Google and Nokia, as well as engineers and researchers from prestigious institutions and leading Internet companies. Approximately 800 people are employed by the company, some of whom are stationed at its international headquarters in Seattle and San Francisco.
The TicWatch brand of smartwatches is the product that has brought the most success to the company. TicWatch E2 and TicWatch S2 are the company’s most recent additions to the product range, and they were just announced. The Wear OS devices are the company’s follow-up to its inexpensive smartwatches, and they come with better designs and longer battery lives than their predecessors.
Mobvoi is reportedly in the middle of a fundraising push at the moment, as reported by Bloomberg. Before attempting to reach a valuation of $1 billion in China, the company is looking to raise $100 million. Mobvoi is reportedly interested in listing itself on the Shanghai bourse’s proposed board for technology businesses, according to an unnamed source quoted by a news agency. In 2015, an estimated $300 million was placed on the value of the business.
Mobvoi representatives have so far declined to comment. In the event that the narrative proves out to be true, the initial public offering (IPO) should provide the company with a cash infusion that can be used to finance an expansion all over the world and to expand the variety of items it offers. Additionally, it will make it possible for the company to compete more effectively in the smartwatch market against companies such as Apple, Samsung, Garmin, Huawei, and Fitbit.