Press release
Horizon Robotics, a China AI Chipmaker, Eyes Hong Kong IPO to Take on NVIDIA
Founded in 2015, Horizon initially focused on the AIoT field, partnering with major domestic appliance makers like Midea. It later developed its Journey series AI chips, expanding into the surveillance and smart city markets. However, after burning through $500 million, the company faced a critical financial juncture in 2019, leading to significant downsizing and a refocus on the automotive industry.
This shift proved pivotal as Horizon secured its first major automotive client, Changan Automobile, a subsidiary of China South Industries Group Corporation, one of China's largest defense contractors. The partnership enabled Horizon to roll out its AI chips in the automotive sector.
Horizon has positioned itself as a competitor to NVIDIA, promoting its roadmap to deliver high-performance chips. Initially aiming for chips with 1,000 TOPS (trillion operations per second), the company adjusted to 560 TOPS in response to potential restrictions from the CHIPS and Science Act.
Image: https://www.getnews.info/uploads/1a2654a150c7e82150ec437dff521f6f.jpg
Despite its ambitions, Horizon has struggled with its system-on-chip (SoC) design from the outset. The majority of its shipments still come from imaging processors outsourced from third-party design services in 2018. Its first in-house-designed SoC, Journey 5, has been a market disappointment, shipping in only one car maker since its release in 2022.
Image: https://www.getnews.info/uploads/25d33f7411747b926c1f77a3cc5e1ade.jpg
To strengthen its relationship with Changan and its stakeholders, Horizon formed a joint venture, Changxian Technology, which supports Changan's adoption of Horizon's technology. China South Industries Group Corporation holds a 16.56% stake in the venture, providing Horizon with access to potential confidential projects.
Horizon also collaborates with China North Industries Group Corporation (Norinco), leveraging its Journey AI chips. These partnerships have fueled Horizon's rapid growth. According to its IPO filing, the company shipped 5 million chips in 2023, generating over RMB 1.5 billion (approximately $210 million USD) in revenue. In December 2023, Horizon formed a joint venture with Volkswagen Group's subsidiary, CARIAD, securing an RMB 1.3 billion (around $180 million USD) investment and a contract worth RMB 600 million (about $83 million USD), representing 40% of its annual revenue.
Image: https://www.getnews.info/uploads/7f108d66fbfb775c5b5660899873dbd0.jpg
The Chinese government has actively supported firms like Horizon to counterbalance American tech giants such as NVIDIA, amid growing geopolitical tensions. A successful IPO would be crucial to Horizon's long-term sustainability and represent a significant milestone for China's ambitions in the global AI chip market.
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