Singtel Innov8 sells entire stake in Vizzio to embattled founder

SINGTEL Innov8, a Singapore-based venture capital (VC) firm, has sold all of its 80 preference shares in Vizzio Technologies to the embattled artificial intelligence (AI) firm’s founder Jon Lee.

According to filings with Singapore’s Accounting and Corporate Regulatory Authority, the transaction also removes the S$1 million in paid-up share capital that Singtel Innov8 injected into Vizzio – an amount now shouldered by Lee.

Data from Alternatives.pe, which tracks filings in Singapore, shows that Singtel Innov8 acquired the 80 shares only four months ago. The development follows a series of Tech in Asia exposes on Lee, who was then serving as Vizzio’s CEO, for faking several claims he has made in the past, including his doctorate degree.