China's FutureX Completes Gridsum Investment
Gridsum Holding Inc., a provider of cloud-based big-data analytics and artificial intelligence solutions in China, today announced the completion of its issuance and sale of a US$40 million convertible note to FutureX Innovation SPC, an affiliate of FutureX Capital Limited, for a total consideration of US$40 million.
FutureX is an emerging China-based private equity firm led by Cynthia Zhang, who founded the overseas PE platform of ChinaAMC, a leading asset manager in China. FutureX's key areas of focus include technology, software and AI. The issuance and sale of the Note were made pursuant to the convertible note purchase agreement dated April 30, 2018 between the Company and FutureX. In accordance with the Note Purchase Agreement, the Company also entered into a registration rights agreement with the FutureX.
Mr. Guosheng Qi, Chief Executive Officer of Gridsum, commented, "The completion of this financing is a positive sign of the support Gridsum has from the capital markets, and our focus on the future of our business, core competencies, and addressable markets. Strengthening our balance sheet will put us in a better position to continue enhancing our big-data analytics and AI solutions, and to expand our capability and leadership in the AI industry in China."