December 6, 2023 - Insiders say that SenseTime is considering separating its autonomous driving and healthcare businesses for separate financing, and has been in contact with potential investors regarding the financing plan.
One insider said that SenseTime is seeking to sell a portion of the equity in these departments to other companies in the industry, and then sell them to financial investors. The insider stated that the plan is still in its early stages and SenseTime has not made a final decision yet, including valuation targets for these departments. Additionally, the company may also decide not to proceed with any transactions.
SenseTime did not respond to the request for comment.
According to public information, SenseTime was founded by computer scientists in 2014. It specializes in developing AI-driven software for large-scale analysis of faces and images. The company made its initial public offering (IPO) in Hong Kong in December 2021, raising HKD 5.78 billion (＄740 million). SenseTime is also one of the first Chinese tech companies approved by the government to publicly launch similar services like ChatGPT. Since the beginning of this year, SenseTime’s stock price has fallen approximately 38%, with a market value of around USD 5.9 billion.
According to the financial report of SenseTime, its automotive business generated approximately 293 million yuan (about ＄41 million) in revenue, accounting for about 7.7% of the company’s total revenue. Its intelligent in-car system products, SenseAuto and SenseAuto Pilot, have been applied to 27 vehicle models, with major customers including NIO and BYD. Its advanced driver assistance systems have also been adopted by flagship models from GAC Motor and Hezhong New Energy Automobile.
