Seven Stars Cloud Group (NASDAQ:SSC), a leading global technology firm focused on digital production and distribution announced that it has raised US$12 million from Advanctech Capital Investment. Further, the company said that it has restructured its private placement from GT Dollar to US$10 million. Seven Stars Cloud Group will use these investments to accelerate the … Continued
Seven Stars Cloud Group (NASDAQ:SSC), a leading global technology firm focused on digital production and distribution announced that it has raised US$12 million from Advanctech Capital Investment.
Further, the company said that it has restructured its private placement from GT Dollar to US$10 million. Seven Stars Cloud Group will use these investments to accelerate the adoption of its AI and blockchain-based technologies into its business verticals.
As quoted in the press release:
Advantech Capital is a leading private equity fund focused primarily on high-growth and innovation-driven industry sectors. Advantech has taken a strong interest in SSC and its strategy to deliver leading AI and Blockchain solutions across industry verticals. As such, Advantech has subscribed to $12M via a Convertible Note with SSC. SSC will be working with Advantech to leverage their global reach and strategic relationships with leading manufacturing companies in Asia, ultimately driving value for SSC and creating synergies as part of SSC’s Blockchain and AI driven strategy across industry verticals.
GT Dollar Pte. LTD. is a Singapore-based global virtual credit clearing system operator connecting over two million businesses worldwide. SSC will work closely with GT Dollar and leverage its distribution channels for digital assets. As part of its broader financing strategy, SSC has restructured and amended the Purchase Agreement to $10 million from its previous $40 million private placement. The $10 millionis in exchange for SSC Common Stock.
Commenting on the announcement, Bruno Wu, Chairman and CEO of SSC, said: “We are very pleased to today announce a further strengthening of our financial position. These deals will help us continue to build out our unique ecosystem of Blockchain and AI technology partners, while at the same time rapidly scale our business and execute on our strategy.”
He continued: “Strategic and financial partnerships with firms such as Advantech Capital and GT Dollar not only demonstrate their commitment to SSC’s vision, but they bring a tremendous amount of value to our company in the form of sector expertise, global influence and reach, partnership networks and more.”
Federico Tovar, CFO of SSC, said: “This new capital and restructuring further capitalizes SSC as we work towards optimizing the cap table for the Company – such that SSC has strong commitments and capital resources to continue to rapidly scale our business, execute on our strategy, and create strong barriers to entry for our AI and Blockchain enabled ecosystem.”