Microalgo Inc. (China)

The Company develops and delivers central processing algorithm solutions to customers in internet advertisement, gaming, and intelligent chip industries in the People s Republic of China and internationally.
The Company is dedicated to the development and application of bespoke central processing algorithms. The Company provide comprehensive solutions to customers by integrating central processing algorithms with software or hardware, or both, thereby helping them increase the number of customers, improve end-user satisfaction, achieve direct cost savings, reduce power consumption, and achieve technical goals. The range of its services include algorithm optimization, accelerating computing power without the need for hardware upgrades, lightweight data processing, and data intelligence services. Its ability to efficiently deliver software and hardware optimization to customers through bespoke central processing algorithms serves as a driving force for its long-term development.
Central processing algorithms refer to a range of computing algorithms, including analytical algorithms, recommendation algorithms, and acceleration algorithms. The businesses engaged in internet advertisement, game development, intelligent chip design, finance, retail, and logistics depend on the ability to efficiently process and analyze data with optimized computing software and hardware capable of handling the data workload. Bespoke central processing algorithms suitable to each customer's distinct needs help them achieve this purpose.
In the mid-to-long term, the Company will continue to adhere to its strategic mindset. By improving upon each iteration of our one-stop intelligent data management solutions made possible by its proprietary central processing algorithm services, the Company can help customers to enhance their service efficiency and make model innovations in business, and actively enhance the industry value of the central processing algorithm services in the general field of data intelligent processing industry.
The Company has determined that it has two operating segments: central processing algorithm services and intelligent chips and services. The Company's operations are primarily based in the mainland PRC and international, where the Company derives a substantial portion of their revenues. Management also review consolidated financial results by business locations.
HISTORY
2018 The Company is a blank check company incorporated in the Cayman Islands on May 14, 2018.
2021 The Company s units are currently traded on The Nasdaq Capital Market under the symbol “VENAU” and started trading on The Nasdaq Capital Market on February 11, 2021. The ordinary shares, rights and warrants comprising the units began separate trading on April 13, 2021 and are traded on NASDAQ under the symbols “VENA,” “VENAR” and “VENAW,” respectively.
2022 The Company, a Cayman Islands exempted company, entered into the Business Combination and Merger Agreement dated June 10, 2021 (as amended on January 24, 2022, August 2, 2022, August 3, 2022 and August 10, 2022, the “Merger Agreement”), by and among WiMi Hologram Cloud Inc. (“WiMi” or the “Majority Shareholder”), Venus, Venus Merger Sub Corporation (“Venus Merger Sub”), a Cayman Islands exempted company incorporated for the purpose of effectuating the Business Combination, and VIYI Algorithm Inc. (“VIYI”), a Cayman Islands exempted company. On December 9, 2022, in accordance with the Merger Agreement, the closing of the business combination (the “Closing”) occurred, pursuant to which Venus issued 39,603,961 ordinary shares to VIYI shareholders. As a result of the consummation of the business combination, VIYI is now a wholly-owned subsidiary of the Company, which has changed its name to MicroAlgo Inc. Following the Closing, on December 13, 2022, the Company s ordinary share, par value 0.001 per share, is listed on the Nasdaq Stock Exchange LLC (Nasdaq Capital Market) under the symbol “MLGO”.