Azuremount WH, a Hong Kong-based private equity (PE) firm led by ex-EQT executives, has made a strategic co-control investment in the Chinese AI software developer ATOM Intelligence.
The financial details, such as the transaction size and ATOM’s valuation in the funding round, were undisclosed, but Azuremount WH’s co-founder Martin Mok told DealStreetAsia that his firm typically targets “a lower mid-market stake of over 25%”, which is the case for the investment in ATOM.
Azuremount WH acquired the stake from ATOM’s CEO Johnny Wang and COO Leon Yuan through an investment vehicle, Wealth Harbour Azuremount I Limited Partnership Fund. Upon the completion of the transaction, the two co-founders will remain the majority shareholders of ATOM and continue to lead the company.
Azuremount WH completed the transaction on April 26.
Established in 2015, Shanghai-based ATOM leverages artificial intelligence (AI) and data science technologies to enable businesses across the luxury retail, food & beverage (F&B), catering, and hospitality sectors to automate day-to-day operations, execute precision marketing, and optimise customer interaction and recommend strategies.
ATOM counts companies like Starbucks, Louis Vuitton, Adidas, Walmart, Sephora, McKinsey & Co, and Boston Consulting Group (BCG) among its clients, according to its website.
Following the investment, Azuremount WH plans to help ATOM enhance corporate governance, attract top talent, form international joint ventures (JVs), make strategic acquisitions, and explore new growth opportunities.
