Business
Tencent-Backed AI Chip Unicorn, EnFlame, Begins IPO Preparations: A Look into China’s Domestic AI Chip Development
EnFlame, a Chinese AI chip startup supported by Tencent and aspiring to rival Nvidia, has indicated its desire to go public. This Shanghai-based start-up has kick-started the mandatory tutoring process, a prerequisite for IPO contenders in China.
Start-up company Enflame, which focuses on artificial intelligence chips and is supported by Tencent Holdings, has begun preparations for an initial public offering (IPO) by engaging with an investment bank for guidance.
The unicorn company based in Shanghai, which had a valuation of US$1.65 billion last September as per the venture deal tracker Pitchbook, has brought on board China International Capital Corporation. This is one of the nation's largest investment banks, and they were hired to guide company leaders on matters related to IPO, as stated by the China Securities Regulatory Commission (CSRC) in a press release on Monday.
In China, all companies applying for an IPO must undergo training prior to submitting a proposal for listing to regulatory bodies, a procedure that typically lasts from three to 12 months. Enflame has not revealed its intended location for going public or the amount it hopes to generate.
Enflame, a favored investment of China's government-supported semiconductor fund and major tech firms, had accumulated over US$742 million from eight financing rounds by September of last year, according to data from Pitchbook.
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