Wangsu Science & Technology announces a 300 million yuan investment in Sand.ai.
According to 36Kr, Wangsu Technology announced plans to invest 300 million yuan of its own funds to subscribe to Sand.ai's Cayman Islands A+ round preferred shares, resulting in a 4.3963% stake in Sand.ai. As a transitional arrangement, the company will provide 300 million yuan of convertible bonds to Shanghai Sandai Technology and obtain A+ round warrants. Sand.ai was founded in January 2024 and focuses on research and development of visual content generation models and video model-based applications.
Key facts
- 01Wangsu Technology plans to invest 300 million yuan of its own funds to subscribe to Sand.ai's Cayman Islands A+ round preferred shares.
- 02Wangsu Technology will hold 4.3963% of Sand.ai after the investment.
- 03As a transitional arrangement, Wangsu will provide 300 million yuan in convertible bonds to Shanghai Sandai Technology and obtain A+ round warrants.
- 04Sand.ai was founded in January 2024 and focuses on visual content generation models and video model-based product R&D.
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