- Singtel Innov8 sold its stake in AI firm Vizzio back to founder Jon Lee amid controversy.
- Lee still faces fallout over allegedly falsified credentials.
- The sale comes as Vizzio appointed interim leadership pending an internal investigation.
Singapore-based venture capital firm Singtel Innov8 has sold its full stake in artificial intelligence startup Vizzio Technologies back to Vizzio founder Jon Lee.
According to recent filings, Singtel Innov8 sold its 80 preference shares in the AI technology company to Lee, four months after first acquiring them.
Sinovation still holds a large stake
The stake sale removes the $740,000 in capital that Singtel Innov8 had invested in Vizzio, an amount now held by Lee himself. Meanwhile, Sinovation Ventures – the Chinese VC firm led by AI expert Kai Fu Lee – still holds a large stake in Vizzio.
Sinovation’s continued involvement comes even after Lee stepped down from Vizzio’s board last year.
Latest stake sell-off considers development after controversies
Vizzio has faced controversy in recent months following media investigations into the credentials of founder Jon Lee. Reports claimed Lee had falsified his doctorate degree as well as several other biographical details. While Vizzio’s board initially stood by Lee, they eventually replaced him with an interim CEO to manage operations.
The stake selloff by Singtel Innov8 marks the latest development in the Vizzio leadership scandal which has roiled the AI startup in Singapore. While the company’s future remains uncertain, other key investors still retain financial stakes. The outcome of recently appointed investigators will likely determine next steps at Vizzio Technologies.
