Chinese AI video generation startup Sand.ai enters unicorn club after $200m round
Detailed summary
Sand.ai, a Chinese artificial intelligence (AI) startup specialising in video generation, announced on Thursday the completion of a Series A extension round at $200 million to…
Sand.ai, a Chinese artificial intelligence (AI) startup specialising in video generation, announced on Thursday the completion of a Series A extension round at $200 million to achieve the unicorn status with a valuation of over $1 billion.
For this Series A+ round, the Beijing-based startup attracted a diverse group of investors representing industry capital, government funding, domestic Chinese yuan funds and US dollar investors.
Chinese investment firm CoStone Capital and Shenzhen-listed IT infrastructure company Wangsu Science & Technology jointly led the deal.
Multiple investment firms, alongside state-owned Pudong Venture Capital Group and an investment arm of Shanghai International Group, participated in the Series A+ round. Existing investors such as iMPC, formerly Matrix Partners China, CAS Star and HyT Capital re-upped, according to a company announcement.
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