Sand.ai raises $200M and calls itself a unicorn
Beijing-based Sand.ai announced the $200M Series A+ on November 5th, its third round of 2026, co-led by CoStone Capital and Wangsu Science & Technology.
By Ryan Merket · Published
Primary source: www.dealstreetasia.com
Why it matters
Sand.ai's round pairs a company-reported valuation above $1 billion and a $10 million ARR claim for VidMuse with filing figures showing RMB17.4 million in first-half revenue against a RMB151.6 million loss. The test is whether open MAGI models and paid creator tools can cover the training and inference costs required to compete with platform-backed rivals such as Kling.
Sand.ai founder Cao Yue has raised $200 million for the Beijing video-generation startup, pushing its valuation above $1 billion in a deal co-led by CoStone Capital and Shenzhen-listed Wangsu Science & Technology.
Sand.ai announced the Series A+ closing on November 5th. The company said the round brought its fundraising over the past 10 months to $300 million. Those cumulative fundraising and valuation figures are company-supplied.…
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