Yu Kai, an AI scientist who founded an autonomous driving project at Baidu, has become a billionaire as shares of his startup, Horizon Robotics, soared almost 16% to a record high in Hong Kong. With a 13% stake in the company, Yu’s net worth is estimated to be just over $1 billion. Horizon Robotics, co-founded by Yu in 2015, develops software and hardware for assisted and autonomous driving systems. Its most advanced system, Horizon SuperDrive, is designed to achieve human-like autonomous driving in urban, highway, and parking scenarios.
Before going public, Horizon Robotics attracted significant investments from prominent firms such as Hillhouse Investment Management, HongShan, and EQT Private Capital Asia. It also has strategic investors like CATL, BYD, and Volkswagen, which formed a joint venture with Horizon Robotics to develop self-driving technologies for vehicles sold in China. The company’s customer roster includes 27 carmakers, including Volkswagen, Hyundai Motor, BYD, Geely, Li Auto, and NIO. Horizon Robotics not only offers autonomous driving systems but also licenses its proprietary algorithm and software to clients for customization.
Yu Kai, who started his career in academia and later joined Baidu to work on AI technologies, played a key role in initiating the Chinese tech giant’s Apollo Go robotaxi business. He eventually left Baidu in 2015 to establish Horizon Robotics. Initially facing challenges in finding killer applications for his AI chips, Yu found success in 2019 when Horizon Robotics launched its first assisted driving system equipped with its proprietary chip. This success coincided with China’s plan to achieve mass production of high-level autonomous cars by 2025, positioning Horizon Robotics as a significant player in the industry.
Horizon Robotics is one of the autonomous driving tech companies that have gone public recently. WeRide, a Chinese robotaxi startup, debuted on the Nasdaq after raising $440.5 million in its IPO and private placement. Another Chinese startup, Black Sesame, which designs chips for self-driving systems, started trading in Hong Kong in August after raising about $130 million. These companies are part of the growing trend of autonomous driving technology firms going public and attracting significant investment interest.
Yu Kai’s journey from academia to entrepreneurship, leading to his billionaire status with Horizon Robotics, highlights the growing importance of AI and autonomous driving technologies in the global market. His success story serves as inspiration for other entrepreneurs and innovators in the field, showcasing the potential for significant growth and impact in the evolving industry. As Horizon Robotics continues to expand its reach and offerings, the company is poised to play a key role in shaping the future of autonomous driving technologies and revolutionizing the transportation industry.
