SoftBank-backed CloudMinds Seeks $500 Million U.S. Listing
CloudMinds Inc., a Beijing-based unicorn that operates an open end-to-end cloud robot system, is seeking to raise up to $500 million in its U.S. initial public offering.
The company, in which SoftBank holds a 35-percent stake, said in its preliminary prospectus filed Friday with the U.S. Securities and Exchange Commission, that it seeks to use the proceeds of its sale for research and development, sales and expansion.
CloudMinds is one of the few players that offer an end-to-end cloud robot system in the global robotics industry, according to research by Frost & Sullivan cited in the filing. The company said it uses a "cloud brain" as a highly scalable operating platform that can host a large number of robot "brains" simultaneously.
In 2018, CloudMinds said its revenue reached $121 million, in which its cloud AI solutions represented 60 percent. Losses were $157 million. To compare with 2017, the company had revenue of $19 million on losses of $48 million, according to the report.
"As of March 31, 2019, we had 62 patents registered in China and seven patents registered overseas, and had 579 and 505 pending patent applications in China and overseas, respectively," the company said.
Citigroup, J.P. Morgan and UBS Investment Bank are listed as the underwriters on the deal.
CloudMinds seeks to trade its shares under the ticker symbol "CMDS" on the New York Stock Exchange.
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