China-based WiMi Hologram Cloud has become the first company to launch a successful initial public offering (IPO) in the United States since the World Health Organization declared the Covid-19 outbreak a pandemic. 

The firm listed on the Nasdaq on April 1 2020, with its IPO priced at US$5.50. It closed at the same price on its trading debut. 

WiMi, founded in 2015, develops and provides augmented reality (AR) holographic software and advertisement services. The company owns more than 130 patents and has a cloud-based database of ready-to-use holographic content.

UOB Venture Management (UOBVM), a subsidiary of Singapore-based United Overseas Bank, became WiMi’s lead investor in 2018 through its ASEAN China Investment Fund IV. 

WiMi’s software-as-a-service solutions (SaaS) lets users insert real or animated three-dimensional objects into videos to create more engaging and interactive content.

The company uses image acquisition, object recognition, automated image processing, computer vision and data analytics technologies to produce its holographic AR content. Its SaaS solutions are currently being used in the advertising and entertainment industries, with potential applications in the education, retail and telecommunications sectors.

China's AR holographic market is expected to grow from 3.6 billion yuan (US$0.5 billion) in 2017 to 454.8 billion yuan in 2025, according to a WiMi-commissioned Frost & Sullivan report.

“Given the impact of the Covid-19 pandemic, more companies are reviewing their business models and are adopting greater use of technology, such as enterprise SaaS solutions,” says Seah Kian Wee, managing director and chief executive officer at UOBVM. “Amid the re-rating and re-pricing of companies and securities, we will continue to identify meaningful investment opportunities in China and Southeast Asia.”