3D Sensor Unicorn Orbbec Backed by Alibaba Will Go Public and Raise over 1.8 Billion Yuan

orbeec
(Source: Orbeec)

On Tuesday, the listing committee of the Shanghai Sci-Tech Innovation Board (STAR Market) approved Orbbec’s application for an IPO. The company plans to raise 1.863 billion yuan in its IPO through the STAR Market, with the funds mainly earmarked for the R&D projects of 3D sensing technology. The money will also help replenish necessary working capital.

Orbbec is mainly engaged in the design, R&D, production and sales of 3D sensing products. Its main products include 3D sensors, consumer- and industry-used equipment. Its clients include well-known brands such as Ant Group and OPPO, and its second largest shareholder is Shanghai Yunxin Venture Capital Management Co., Ltd., a wholly-owned subsidiary of Ant Group.

The company was founded in 2013 and centers around AI 3D sensing technology. Its founder, Huang Yuanhao, was born in Chaozhou, Guangdong Province in 1980. He founded Orbbec in 2013 and served as executive director and general manager. He is currently the Chairman and General Manager, and is also one of the core technicians at the company. Moreover, Huang is a national talent-planning expert and an internationally renowned optical measurement expert.

After Huang established Orbbec 3D Sensing Technology in Shenzhen, he later led the company to successfully develop China’s first 3D sensing chip in 2015, and started the mass production of consumer-oriented 3D sensing cameras. The breakthrough helped rupture the monopoly of tech giants such as Apple, Microsoft and Intel, and and became Aisa’s first (and the world’s fourth) manufacturer able to produce deep computing chips.

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Orbbec won the favor of Hongde Investment, SAIF Partners, MediaTek, GF Securities, CITIC Securities and other institutions. As face-scanning payment becomes more popular, Alibaba took notice of this booming high-tech company. In May 2018, Orbbec announced the completion of a D-round of financing worth more than 200 million US dollars. The round was led by Ant Financial, followed by SAIF Partners, Green Pine Capital Partners and Sirius Capital.