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MEGVII Is Said to Unveil IPO Filing as Soon as Next Friday
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Digitization. Image credit: Fabio/Unsplash

MEGVII is planning to make public its prospectus for its initial public offering as early as next Friday, according to people familiar with the matter, unveiling the full financial picture of the artificial intelligence startup for the first time.

The Beijing-based company will submit the listing application documents to Hongkong Stock Exchange and seek to raise around USD 1 billion, USHK News has reported.

A representative for MEGVII declined to comment.

In April, the company was said to have filed paperwork for the initial public offering and consider adopting a share structure of multiple share classes. The public filing would be completed as early as the end of this year, the people said.

So far, MEGVII has closed four rounds of funding, raising more than USD 1.35 billion. After its Series D financing round that occurred on May 8, the company’s valuation was boosted to USD 3 billion.

Founded in 2011, MEGVII is an artificial intelligence company specialized in providing enterprises and developers with intelligent solutions and data services. Based on its original deep learning system Brian++, the company is dedicated to building an AI engine that could power various AI application. Facial recognition is MEGVII’s main product of research.

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