China’s Former Video-Streaming King Turns To Blockchain For Help After Prison , and His New Venture Raised $30 Million
Out of prison, the former video-streaming king in China stages a comeback with his newly-established blockchain and artificial intelligence(AI) company.
Wang Xin, founder and former CEO of Kuaibo which is behind the popular video-streaming application QVOD, has found an AI and blockhain venture known as Ringle.AI in the southern Chinese city of Shenzhen in February, less than three weeks after his release from prison.
The new start-up has raised $30 million in an angel round led by venture capital firm IDG Capital and Bertelsmann Asia Investment Fund. According to domestic enterprise information provider, TianYanCha.com, Wang is the company’s largest shareholder, holding 91.5 percent of shares, and his wife Pen Peng serves as the legal representative.
The company will focus on developing products and services by using blockchain and artificial intelligence technology. According to local news outlet Odaily, the founding team of Ringle.AI is the original lineup of QVOD. Many believe that the company will also foray into short videos because most of the company’s shareholders have rich resources in the industry.
Wang was sentenced to 42 months in prison and fined 1 million yuan for distributing obscene materials for personal gain through QVOD Player in 2016 by the Beijing District People’s Court. On February 7, 2018, the 38-year-old Wang was released from jail. Kuaibo Technology filed for bankruptcy in Shenzhen last week and is going to liquidate its assets to pay for over 10 million yuan debt to a PCTV and IT manufacture.
Ringle is hiring expertise in blockchain and AI now. Wang’s interest in red-hot technologies can be shown in his discussion with friends after the release. Xiaopeng Motors founder He Xiaopeng said on his Weibo that the newly freed entrepreneur discussed various hi-tech developments, such as AI, video streaming and blockchain at a dinner in February. In wake of the dinner, Wang posted a picture on his Weibo which had words like Blockchain+P2P+AI, signaling that the man has been ready to jump on the blockcahina bandwagon.