4Paradigm considers listing on STAR Market

AI firm 4Paradigm, which raised US$230 million in its latest round of financing in April, is considering listing on the Shanghai STAR Market, the company’s head said on Thursday in Shanghai. 

“We are considering an IPO window and opportunity and STAR is our priority choice,” Dai Wenyuan, 4Paradigm’s founder and chief executive, said during an interview at a conference in Shanghai. 

Compared with other capital markets, STAR have open and flexible entry rules and share structure, which is suitable for high tech startups such as 4Paradigm. 

4Paradigm launched a new enterprise AI system Sage AIOS and various new products in Shanghai to offer “affordable” AI services. It has found domestic partners including Huawei to make services more affordable. With 4Paradigm’s technologies, the AI capability will improve by 30 times in the “foreseeable future” with reasonable cost, Dai said.

Founded in 2014, Beijing-based 4Paradigm has more than 8,000 enterprise client on AI, in three core industries such as finance, retail and manufacturing. 

COVID-19, which hit many industries, however boosted demand of enterprises to accelerate digital transformation and AI adoptions, said 4Paradigm.

China’s AI industry market revenue will hit US$12.7 billion in 2024, more than double the revenue in 2019 of US$6 billion, according to researcher International Data Corp. 

In April, the money raised from investors, including Cisco and Lenovo, valued the company at around US$2 billion.