Xiao-I, a Chinese cognitive intelligence company focused on conversational AI, raised $39 million by offering 5.7 million ADSs at $6.80, the low end of the range of $6.80 to $8.80. The company offered 0.3 million fewer ADSs than anticipated.
Operating through Shanghai Xiao-i, the company has developed a portfolio of cognitive intelligence technologies for businesses based on natural language processing and AI implementation, primarily providing smart city, software business, and architectural design AI services to its customers. Shanghai Xiao-i's product platforms span conversational AI, knowledge fusion, intelligence voice, and hyperautomation, among other areas.
Xiao-I plans to list on the Nasdaq under the symbol AIXI. Prime Number Capital and Guotai Junan Securities acted as joint bookrunners on the deal.
