Horizon Robotics
 | |
Native name | 地平线 |
|---|---|
| Company type | Public |
| SEHK: 9660 | |
| Industry | Artificial intelligence Semiconductors |
| Founded | July 21, 2015 |
| Founders |
|
| Headquarters | Beijing, China |
Key people | Yu Kai (CEO) |
| Revenue |  CN¥1.55 billion (2023) |
| CN¥−6.74 billion (2023) | |
| Total assets | CN¥15.87 billion (2023) |
| Total equity |  CN¥−24.67 billion (2023) |
| Website | horizon |
| Footnotes / references [1] | |
Horizon Robotics (Chinese: 地平线; pinyin: Dìpíngxiàn) is a Chinese technology company headquartered in Beijing. The company develops artificial intelligence (AI) chips used in self-driving cars and advanced driver assistance systems (ADAS).
Background
[edit]Horizon Robotics was founded in 2015 by several former Baidu employees. One of them was Yu Kai who previously led Baidu's self-driving car division.[2]
The company was funded by notable investors that included Intel, Hillhouse Investment, HongShan, Yuri Milner, Sinovation Ventures and Yunfeng Capital.[2][3] Other backers include BYD, Chery and CATL.[4] Due to the United States New Export Controls on Advanced Computing and Semiconductors to China, Horizon Robotics attracted more interest from investors who felt it could be an alternative to Nvidia in China which had to abide with selling restrictions.[5]
In December 2017, Horizon Robotics launched Journey 1.0, the first generation of its AI chips used in vehicles. It would help cars recognize external objects in a low power consumption manner.[6]
Originally Horizon Robotics planned to hold an initial public offering (IPO) in the United States that could raise as much as $1 billion. However, in October 2021, it was reported that it changed its IPO country to Hong Kong instead. This came at a time where the Chinese government was increasing scrutiny of overseas listings.[3]
In October 2022, Volkswagen Group invested $2.3 billion to establish a joint venture (JV) with Horizon Robotics. The JV was named Carizon and was aimed to develop in-house vehicle software for Volkswagen.[7]
At the 2023 World Internet Conference, Yu announced that the number of vehicles featuring navigate on autopilot (NoA) equipped with Horizon Robotics chips has surpassed that of Nvidia.[8] According to a report from China Money Network, Horizon Robotics controlled 49% of the Chinese self-driving chip market in 2023.[9]
In March 2024, Horizon Robotics submitted its IPO application to the Hong Kong Stock Exchange expected to raise $500 million.[4] In October 2024, the offering was priced at the top of its price range raising $696 million.[10]
Products
[edit]While Horizon Robotics mainly focuses on developing AI chips used in the automobile industry, it also develops AI chips that are used in surveillance cameras and other internet-connected smart devices.[2] It holds partnerships with Chery, Audi, SAIC Motor and SK Telecom.[4]
See also
[edit]References
[edit]- ^ "Listing Prospectus" (PDF). HKEX. Archived (PDF) from the original on 6 July 2024. Retrieved 6 July 2024.
- ^ a b c Lucas, Louise (27 November 2018). "Chinese AI chipmaker Horizon Robotics raises up to $1bn". Financial Times. Archived from the original on 28 November 2022. Retrieved 6 July 2024.
- ^ a b Liu, John (8 October 2021). "China Chip Firm Horizon Robotics Eyes Moving U.S. IPO to Hong Kong". Bloomberg News. Archived from the original on 18 November 2022. Retrieved 6 July 2024.
- ^ a b c Li, Pei (11 March 2024). "Intel-Backed Horizon Picks Banks for $500 Million Hong Kong IPO". Bloomberg News. Archived from the original on 11 March 2024. Retrieved 6 July 2024.
- ^ Liao, Rita (27 September 2022). "Investors bank on China's alternatives to Nvidia's auto chips". TechCrunch. Archived from the original on 17 August 2023. Retrieved 6 July 2024.
- ^ Si, Ma (21 December 2017). "Horizon Robotics unveils AI-tailored processor". www.chinadaily.com.cn. Archived from the original on 14 March 2022. Retrieved 6 July 2024.
- ^ Shen, Jill (11 December 2023). "VW's JV to hire 300 workers with Horizon Robotics · TechNode". TechNode. Archived from the original on 26 April 2024. Retrieved 6 July 2024.
- ^ Strom, Eifeh (15 November 2023). "Horizon Robotics calls next-gen self-driving chip revolutionary". DIGITIMES. Retrieved 6 July 2024.
- ^ Butts, Dylan (5 December 2023). "Chinese chip makers plan to invest billions on R&D, production in Hong Kong". South China Morning Post. Archived from the original on 1 July 2024. Retrieved 6 July 2024.
- ^ Pei, Li (23 October 2024). "Baillie Gifford, Norges Said to Invest in Horizon Robotics Hong Kong IPO". Bloomberg News. Retrieved 23 October 2024.
