According to CoinMeta, video large model company Sand.ai announced the completion of a $200 million Series A+ financing round, led jointly by Cornerstone Capital and NetEase Cloud. Shanghai State-owned Assets and several other institutions also participated in the investment. Sand.ai was founded in 2024 and just completed two rounds of financing totaling over $100 million in June this year, with investors including Su Hua, co-founder of Kuaishou, the family office of Wang Huiwen, IDG, SourceCode Capital, and others. Within 10 months, the company has raised a total of about $300 million, with its valuation exceeding $1 billion. The founder, Cao Yue, is a Ph.D. from Tsinghua University and formerly served as a researcher at Microsoft Research Asia; he is also one of the authors of a paper on Swin Transformer. In August this year, the company open-sourced its Magi-2 Preview video generation model, which has a total of 114 billion parameters and adopts a MOE (hybrid expert) architecture, activating only about 6 billion parameters per calculation. Sand.ai also launched a AI video creation product Vidmuse, which generated annual revenue of over $10 million within two months of going live.