$4.3bn Foxconn Industrial Internet IPO attracts Alibaba, Baidu, Tencent
Foxconn Industrial Internet (FII) has attracted the investment of a number of leading Chinese firms during its $4.3bn initial public offering (IPO).
FII is a diversified unit for Foxconn outside of its traditional operations of manufacturing parts for smartphones, working on a range of project areas that include the internet of things (IoT), automated robotics, cloud computing, smart manufacturing and 5G.
Between them, Alibaba, Baidu and Tencent have secured more than 65mn shares of the Hon Hai Precision spin off firm.
These three make up part of a wider group of 20 investors that took part in the IPO, with a total 590.8mn shares up for sale for the listed $4.3bn price, equating to a 23% stake in FII.
According to China Money Network, the 20 companies were chosen off the back of their reputation and market influence, posing as “strategic investors”.
Other Chinese investors included the state-owned Central Huikin Asset Management Ltd and China Railway Construction Investment company, purchasing 58.1mn and 43.6mn shares respectively.
The IPO marks China’s largest IPO since Guotai Junan Securities raised $4.8bn in 2015.
Discord buys Sentropy to fight against hate and abuse online
Discord, a popular chat app, has acquired the software company Sentropy to bolster its efforts to combat online abuse and harassment. Sentropy, monitors online networks for abuse and harassment, then offers users a way to block problematic people and filter out messages they don’t want to see.
First launched in 2015 and currently boasting 150 million monthly active users, Discord plans to integrate Sentropy’s own products into its existing toolkit and the company will also bring the smaller company’s leadership group aboard. Discord currently uses a “multilevel” approach to moderation, and a Trust and Safety (T&S) team dedicated to protecting users and shaping content moderation policies comprised 15% of Discord’s workforce as of May 2020.
“T&S tech and processes should not be used as a competitive advantage,” Sentropy CEO John Redgrave said in a blog post on the announcement. “We all deserve digital and physical safety, and moderators deserve better tooling to help them do one of the hardest jobs online more effectively and with fewer harmful impacts.”
Cleanse platforms of online harassment and abuse
Redgrave elaborated on the company’s natural connection with Discord: “Discord represents the next generation of social companies — a generation where users are not the product to be sold, but the engine of connectivity, creativity, and growth. In this model, user privacy and user safety are essential product features, not an afterthought. The success of this model depends upon building next-generation Trust and Safety into every product. We don’t take this responsibility lightly and are humbled to work at the scale of Discord and with Discord’s resources to increase the depth of our impact.”
Sentropy launched out of stealth last summer with an AI system designed to detect, track and cleanse platforms of online harassment and abuse. The company emerged then with $13 million in funding from notable backers including Reddit co-founder Alexis Ohanian and his VC firm Initialized Capital, King River Capital, Horizons Ventures and Playground Global.
“We are excited to help Discord decide how we can most effectively share with the rest of the Internet the best practices, technology, and tools that we’ve developed to protect our own communities,” Redgrave said.