Sequoia-Backed Shanghai AI Unicorn Yitu to Seek A-Share IPO
It is the second AI unicorn preparing to be listed in mainland China.
Yitu Technology registered with China Securities Regulatory Commission in preparation for an IPO on the A Share market and Guotai Junan Securities is the advisor for the IPO. By now, Yitu and CloudWalk, two of the four ‘China’s Computer Vision Four Dragons,’ have entered the going-public pipeline; the other two, Megvii and SenseTime, have no specific IPO schedule.
The Shanghai-based AI unicorn was founded in 2012 and currently valued at CNY 15 billion (USD 2.2 billion). After 10 rounds of financing series, the company is backed by big-name VCs including Hillhouse Capital, Sequoia China, Zhen Fund, Gaorong Capital, state-owned funds and other investors.
Yitu is known for its progress in medical image reading and assistive diagnosis. Pioneering in the industry, it is the first company that applied the coronavirus CT scan intelligent evaluation system on the front-line amid the battle against COVID-19. The AI company has been dedicated to advancing digitalization and automation levels in the healthcare industry.