August 10, 2018

SSC lands another funding round

Students walking through UConn's former West Hartford campus in 2016.

Seven Stars Cloud Group Inc. (SSC), which is moving its technology and innovation headquarters to West Hartford's former UConn campus, announced Friday it raised $12 million from a Chinese investor.

The New York global fintech said it procured its latest funding round from private equity firm Advantech Capital Investment II Ltd., which invests in innovation-driven industry sectors.

However, SSC also said it had reduced the size of a previously announced funding deal. The company has restructured a $40 million private placement agreement with Singapore-based digital technology and lifestyle company GT Dollar Pte. Ltd. to a $10 million stock purchase agreement.

SSC said it will use the two investments to accelerate its artificial intelligence (AI) and blockchain technologies in several business segments. SSC has said the $280 million West Hartford innovation hub will focus on AI and blockchain technology.

This marks SSC's second fundraising round in the last two weeks.

SSC recently announced it raised $26 millionfrom Chinese investors Star Thrive Group Ltd., part of Changan Investment Group, and Sun Seven Stars Entertainment & Media Group (SSS), an affiliate company also led by SSC CEO Bruno Wu.

In other news Friday, the fintech company said it elected China Life Insurance Group President Chao Yang to its board of directors.

Yang began serving as the insurance group's president in 2005, and has since become the group's board chairman of its life insurance and property and casualty insurance segments.

UConn is selling its former campus to SSC for $5.2 million, while retaining its corporate headquarters in New York.

The state will provide a $10 million loan for renovations at the campus, which will be forgiven if SSC meets its job targets. Gov. Dannel P. Malloy has the hub will bring 330 jobs.

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