- Cloudastructure (CSAI, Financial) secures additional $3 million as Series 2 Convertible Preferred Stock investment.
- Investment comes with a 9.5% annual preferred return and is convertible into Class A common stock.
- Total recent funding reaches $7.5 million following a $4.5 million raise last month.
Cloudastructure, Inc. (Nasdaq: CSAI) has announced a new $3 million investment from an existing institutional investor through the issuance of Series 2 Convertible Preferred Stock. Priced at $1,000 per share for 3,000 shares, this preferred stock offers a 9.5% annual return and can be converted into Class A common stock under specific conditions.
This funding round follows a successful $4.5 million raise just last month, bringing the total recent injection to $7.5 million. The capital is earmarked for product development, scaling operations, and expanding sales, installation, and customer success teams to meet the rising demand for their AI-driven security solutions.
The investment highlights continued confidence from existing investors shortly after Cloudastructure's direct listing on the Nasdaq Capital Market. Maxim Group LLC served as the sole placement agent for this financing round. This move is strategically aimed at enhancing the company’s cloud-based surveillance and remote guarding platform, which caters to sectors like commercial real estate, education, healthcare, and government.
