Color Star Technology Co., Ltd. (NASDAQ: CSCW) Announces $26 Million Private Placement for Upgrade to Artificial Intelligence and Virtual Reality Technologies
Color Star Technology Co. Ltd. - Ordinary Shares (CSCW)
Company Research
Source: PR Newswire
NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Color Star Technology Co., Ltd. (NASDAQ: CSCW) (hereinafter referred to as "Color Star" or the"Company"), today announced a private placement of $26 million at price of $1.30 per share. The proceeds from this placement will be used toward the development of Artificial Intelligence (AI), Augmented Reality (AR), and Mixed Reality (MR) technologies to create virtual communities for the Company's software application (hereinafter referred to as the "Color Star APP").Since its launch in September 2020, the Color Star APP has already acquired a registered user base exceeding 1 million and growing, and is also the first online software that focuses on interactions with celebrities. The Company is currently collaborating with Silicon Valley software engineers and a Chinese technology R&D company to create AI with blockchain technology. Specifically, the collaboration will focus on the development and application of 3D virtual reality (VR) technology to
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