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Shanghai-based mobile internet company CooTek (Cayman) Inc., the developer of mobile devices intelligent input software TouchPal Smart Input, has filed for U.S. initial public offering to raise US$100 million under the symbol CTK, according to its IPO prospectus.
Its core product, TouchPal Smart Input, is an intelligent input method for mobile devices and generates a massive, diverse set of user interaction data. Its global portfolio of mobile applications serves a global user base, comprised of an average of 132.6 million daily active users (DAUs) across more than 240 countries and regions in June 2018, compared to an average of 75.6 million DAUs in June 2017, representing 75.3% year-on-year growth.
In March, the company launched Talia, an AI-powered virtual personal assistant that understands everyday conversations and delivers relevant content to users in multiple scenarios. Talia is integrated with TouchPal Smart Input.
The company’s revenue comes mostly from mobile advertisement. Net revenues of CooTek grew from US$11 million in 2016 to US$37.3million last year, with a 239% year-on-year growth. Net loss for 2017 was US$20.7 million compared with a loss of US$31 million for 2016.
In the first half of 2018, its revenue was US$50.3 million compared with US$9.1 million for the same period last year. For the same period, the firm posted income of US$3.5 million in contrast to a US$16.2 million loss a year ago.
CooTek is backed by Qiming Venture Partners, which holds 18.2% share in the company. Sequoia Capital China and SIG China Investments Master Fund III are also its investors, holding 17.9% and 14.2% stakes respectively.
Proceeds of IPO will be used for research and development, sales and marketing, and general corporate purposes.
Source: China Money Network
