MultiMetaVerse Expands into AI with Acquisition of Bowong AI

MultiMetaVerse Expands into AI with Acquisition of Bowong AI

MultiMetaVerse Holdings Limited (NASDAQ: MMV), a prominent animation and entertainment company for young consumers in China, has taken a significant step towards integrating advanced technology into its operations. MMV has announced the signing of a non-binding term sheet to acquire Bowong Technology (Shenzhen) Co., Ltd. (Bowong AI), a leading AI-driven e-commerce solutions provider. This acquisition will involve issuing MMV’s Class A ordinary shares as consideration.

MultiMetaVerse Holdings, established in 2021 and listed on NASDAQ, has quickly established itself as a leader in the animation and entertainment industry. The company is dedicated to delivering high-quality, immersive entertainment experiences through original and user-generated content. MMV’s flagship brand, Aotu World, has gained immense popularity, particularly among younger audiences in China. MMV’s diverse portfolio includes animated content, comic books, short videos, collectibles, stationery, consumer products, and mobile games.

Detailed Acquisition Information

The acquisition’s final value will be determined after comprehensive due diligence and negotiations. The issued shares will be subjected to a one-year lock-up period. Additionally, there will be share-based compensation based on Bowong AI’s achievement of specified performance targets for the years 2024 and 2025. MMV has been granted a 90-day exclusivity period to finalize the definitive agreement, ensuring that the terms are beneficial for both parties.

Insights into Bowong AI

Established in 2022, Bowong AI has swiftly emerged as a pioneer in artificial intelligence solutions tailored for the e-commerce sector. The company focuses on creating innovative marketing content and optimizing its distribution through advanced AI models. These proprietary AI technologies significantly reduce the time and budget constraints commonly associated with human-led content creation.

Bowong AI’s algorithms enable the rapid production and personalized distribution of marketing content across multiple platforms, enhancing vendors’ market reach and targeting precision. The company recently secured several million dollars in Series A funding, which will be utilized to further refine its AI models, expand its market presence in Asia and North America, and recruit top-tier talent to drive its technological advancements.

CEO’s Perspective

Yiran Xu, CEO of MMV, expressed great enthusiasm about the acquisition. Xu emphasized that Bowong AI’s expertise in AI and e-commerce would create significant synergies with MMV’s existing operations. He believes that integrating Bowong AI’s technologies will enhance the quality and efficiency of MMV’s animation and gaming content, reduce production costs, and boost their merchandise business. Xu stated, “We are excited about the potential this acquisition brings in terms of technological advancement and market expansion.”

Market Insights

The global market for AI in e-commerce is experiencing rapid growth and is projected to reach $16.8 billion by 2030. This growth is driven by the increasing adoption of AI technologies for personalized customer experiences and enhanced operational efficiencies. Bowong AI’s cutting-edge technologies are well-positioned to capitalize on this trend, offering significant value to MMV’s strategic objectives. By integrating Bowong AI’s solutions, MMV aims to stay ahead of the curve in the competitive entertainment and e-commerce markets.