Taiwan-based edge AI company Gorilla Technology Group has completed the business combination with Global SPAC Partners and began trading on the Nasdaq on July 14 with the ticker "GRRR."
On the first day of the initial public offering (IPO), the share of Gorilla went up 123.61% to close at US$33.43, reflecting the market's recognition of its global competitiveness in edge video analytic artificial intelligence, IoT technologies, and cybersecurity.
Spincer Koh, founder and CEO of Gorilla, stated, "Today marks a significant milestone for Gorilla and its employees, and we are excited to accelerate our growth with a truly disruptive technology platform used by some of the world's largest companies. Gorilla's long-term partnership with Global and other established investors will allow us to more rapidly scale our operations, introduce new technology innovations, and expand into new markets."
The company's press release announced that the business combination will provide cash, including funds from Global SPAC Partners' trust account and $41.9 million from PIPE subscriptions. Pursuant to the amended subscription agreements of May 18, 2022, PIPE investors exercised their option to purchase $11.6 million of the subunits subscribed for via purchases in the open market, representing 8.9% of the pre-merger outstanding subunits, and which were not redeemed at the closing of the business combination. The proceeds will be used for working capital, business growth, international expansion, and other general corporate purposes.
In a previous exclusive interview with DIGITIMES, Koh said he plans to invite leading technology application brand companies from Taiwan and Japan to form a "Smart City Diverse Industry Alliance" ecosystem, with the goal of jointly expanding the global markets for edge AI analytics solutions and services after the IPO.
Gorilla's edge AI technology has been developed over the last 20 years and includes 31 patents granted or pending with solutions available across hardware platforms, and via AI models, AI appliances, and AI SaaS modules. It develops a wide range of video-centric and content management solutions including smart cities, smart retail, and enterprise security. In addition, Gorilla provides a complete security convergence platform to government institutions, telecom companies, and private enterprises with network surveillance and cybersecurity.
Gorilla's strong competitive positioning is reflected in its list of technology partners that include Softbank (Japan), Intel (US), and Dell (US), among others, and leading clients across the world including Danone, ExxonMobil, AIS – Thailand's largest mobile operator, Auresys & MasterCard, Singapore, a major smart lighting company in the UK, Portland International Airport in the US, Taoyuan Airport in Taiwan, and Taipei Medical University Hospital, among others. Gorilla also has the backing of marquee investors, including SBI Group (Japan), Acer (Taiwan), Telstra Ventures (Australia), Asteria (Japan) and Dell (US).
Following completion of the business combination, Gorilla's board of directors consists of Jayesh (Jay) Chandan, as executive chairman, Spincer Koh, CEO of Gorilla, Tomoyuki Nii, Partner of SBI Group, Yoichiro (Pina) Hirano, CEO of Asteria Corporation, Rt. honorable Ruth Kelly and Gregg Walker, partner and managing director of Muller & Monroe Asset Management.
