Chinese AI robot company Xiao-I Corporation debuts on Nasdaq

March 10, 2023 6:08 am

Shanghai-based artificial intelligence company, Xiao-I Corporation, made its debut on NASDAQ today under the ticker symbol AIXI.

Founded in 2001, the company specializes in developing natural language processing (NLP) technologies, intelligent dialogue systems, and cognitive computing.

The company's flagship product, the Xiao-I Robot, is an AI-powered chatbot platform that provides intelligent customer service solutions for businesses in various industries, including finance, telecommunications, and e-commerce.

In addition to the robot, it offers a range of other AI-powered products and services, including intelligent voice assistants, smart home devices, and intelligent customer service solutions for call centers.

According to a prospectus filed with the U.S. Securities and Exchange Commission in February, the company, which counts e-commerce giant Alibaba and car-making giant Geely among its investors, plans to raise up to $52.8 million by offering 6 million ADRS shares.

The prospectus also shows that the company's revenue increased by 135%, from $13.9 million in 2020 to $32.5 million in 2021, and that its profitability improved from a $7.1 million loss in 2020 to a $3.4 million net income in 2021.

The company closed at $5.80 per share, down 14.56 percent from its opening price of $6.80, giving it a market capitalization of $425 million, according to US online brokerage firm Robinhood.