Investors keep faith in SenseTime as Chinese AI start-up gets about US$500 million in cornerstone investment, say sources
- Nine investors took part in the fundraising, with Mixed-Ownership Reform Fund pledging US$200 million, sources said
- SenseTime plans to revive its Hong Kong IPO as soon as Monday after it hit a speed bump last week
Chinese artificial intelligence start-up SenseTime Group has secured about US$500 million in cornerstone investment ahead of its planned Hong Kong initial public offering, according to people familiar with the matter.
Nine investors took part in the fundraising, the people said, asking not to be identified as the process is private. Mixed-Ownership Reform Fund, which has pledged US$200 million, remains the biggest on the list, they said.
A representative for the company did not immediately respond to a request for comment.
The company has said the accusations are unfounded.
After SenseTime halt its IPO this week and refunded investors, the company said it was committed to completing its IPO and that it would publish a supplemental prospectus with amendments and an updated schedule, the Post reported on Thursday.
Bloomberg News reported on Thursday that SenseTime is considering reopening orders as soon as Monday and the offering will be roughly the same as planned earlier.
The company previously proposed to offer 1.5 billion shares between HK$3.85 and HK$3.99, according to the published prospectus.