Horizon Robotics raises $696M in Hong Kong’s greatest IPO of 2024

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Horizon Robotics mentioned its SuperDrive system presents human-like autonomous driving. | Supply: Horizon Robotics

Horizon Robotics, a Chinese language developer of autonomous driving expertise, is elevating HK$5.4 billion ($696 million) from its preliminary public providing (IPO). In response to Reuters, that is the most important IPO in Hong Kong in 2024. It’s also the most important tech sector IPO in Hong Kong since SenseTime Group, a man-made intelligence firm, raised $740 million in late 2021. 

Established in 2015 by former Baidu staff, Horizon Robotics offers superior driver help techniques (ADAS) and autonomous driving (AD) techniques for passenger autos. The firm mentioned it combines algorithms, software program, and processing {hardware} to offer the core applied sciences for these techniques.

It bought 1.355 billion shares in a worth vary of HK$3.73 to HK$3.99 every, in response to Horizon’s filings. Alisoft China and Baidu, together with two different cornerstone traders, subscribed for $219.8 million price of Horizon Robotics shares within the IPO, regulatory filings confirmed. Goldman Sachs, Morgan Stanley, and China Securities Worldwide led the deal. 

The Robotic Report reached out to Horizon Robotics for touch upon the IPO, however the firm declined to remark. 

Inside Horizon Robotics’ expertise

Horizon presents a spread of good driving techniques, which embody built-in {hardware} and software program, for scalable ADAS and AD. It presents three totally different techniques with various ranges of autonomy. The primary is Horizon Mono, which is a entrance ADAS system. Subsequent is Horizon Pilot, which is made for driving and parking. Horizon Pilot allows freeway pilot-assisted driving, automated parking help, and excessive Navigation On Autopilot (NOA).

Lastly, the corporate’s most mature system is the Horizon SuperDrive. The corporate mentioned it is a full situation good driving system that may assist freeway, city, and parking use instances. Its capabilities embody:

• Transformer-based end-to-end notion
• Information-driven interactive predictive decision-making
• Easy driving to keep away from obstacles, flip, brake, and yield
• Assertive driving to merge, go, change lanes, and navigate congested zones
• Fast response time, rivaling human driving
• Unprotected turns, U-turns, automated lane modifications, and extra
• Clever parking

All of its expertise relies on its Journey sequence. These are automotive-grade merchandise optimized for power and cost-efficient good driving techniques. The most recent model of this line of good driving processing software program is the Horizon Journey 6. 

Earlier this yr, the corporate introduced a mass manufacturing plan for its SuperDrive system. Horizon Robotics mentioned its SuperDrive system is on monitor to forge collaborations with a number of main automotive manufacturers and Tier-1 suppliers within the second quarter of 2024. By the fourth quarter of 2024, the corporate goals to finalize a mass-production-ready model, with the primary SuperDrive-powered car scheduled to roll off the manufacturing line by the third quarter of 2025.