Hylands Assists Yuanshi Autonomy Project to Obtain Investments from Jiangsu Industrial Technology Research Institute and to settle in Nantong Central Innovation District


Recently, as the legal adviser of the Yuanshi Autonomy (industrial artificial intelligent cloud) Project, Yuexi YAO’s legal team assisted the project to obtain tens of millions of investments from Jiangsu Industrial Technology Research Institute and then successfully settle in Nantong Central Innovation District, by establishing Yuanshi Intelligent Technology (Nantong) Co. Ltd. (the Project Company).

Yuanshi Autonomy Project was approved as a major project by Jiangsu Industrial Technology Research Institute in 2021. The core R&D personnel of the project team are from well-known universities at home and abroad, such as Huazhong University of Science and Technology, Tsinghua University, Jiangnan University, and Wuhan University of Science and Technology. They are all scientists with rich technical experience in the field of industrial intelligent science and technology, including 6 professors and researchers, 9 associate professors and lecturers, 120 doctoral and master’s degree holders, and 30 engineers. They have published more than 130 papers in national top journals and conferences such as Nature’s series and Science China, and own more than 180 patents and publications.

During the preparation for the establishment of the Project Company for the Yuanshi Autonomy Project, Yuexi YAO’s legal team was highly recognized by the project team, and both parties established a long-term legal advisory service business. YAO’s legal team provided Yuanshi Autonomy Project with a full set of effective legal services: Firstly, assisting the project team to obtain around CNY 40 million of R&D investment from Jiangsu Industrial Technology Research Institute and Nantong Central Innovation District, and drafting, reviewing, and revising the project investment agreement, R&D cooperation agreement, articles of association of the Project Company and other legal documents. Secondly, assisting the project team to set up a shareholding platform, designed a dynamic equity incentive structure for the founding team, and drafted and reviewed partnership agreements, supplemental agreements, and dynamic equity adjustment schemes. Thirdly, assisting the project team to complete the transformation of scientific and technological achievements, issuing legal opinions on the compliance of relevant intellectual property transfer, and drafting, reviewing, and modifying the patent transfer contract. Fourthly, assisting in improving the internal governance framework of the Project Company, including but not limited to drafting and reviewing legal documents such as non-competition agreements, confidentiality agreements, agreements on ownership and protection of intellectual property rights, and employee commitment letters. Fifthly, providing whole-process legal consulting services for matters related to the Project Company’s future IPO on the STAR Market.

Yuanshi Autonomy Project officially settled in Nantong Central Innovation District in July 2022. The Project Company was incorporated on July 1. On July 20, the signing ceremony of the project cooperation was held at the Nantong International Conference Center. Han DING, academician of the Chinese Academy of Sciences and director of the Academic Committee of Huazhong University of Science and Technology, and Yang LUO, Secretary of the Party Committee of Jiangsu Industrial Technology Research Institute attended the signing ceremony. The representative of the project team, Jiangsu Industrial Technology Research Institute, and the management office of Nantong Central Innovation District signed a cooperation agreement.

As a cooperative project of the National Innovation Center par Excellence, Yuanshi Autonomy, relying on the independently developed industry mechanism artificial intelligence modeling algorithm can realize the optimization, decision-making, and traceability of industrial intelligence based on the model. In Nantong, the project will focus on two major products and services: an integrated tool cloud system of model development and control and the development of industry mechanism model customization software. The technology will be widely applied in industrial fields such as national defense, aerospace, energy, rail transit, and precision manufacturing, to effectively reduce the application cost of artificial intelligence in traditional enterprises and promote the upgrading of industrial intelligence.

The project was led by attorney Yuexi YAO, and attorneys Mengting YANG and Hao CUI also participated in the project. They provided professional and efficient legal services to the clients, which were not only well received by the client, but also highly recognized by investors for risk control in terms of intellectual property compliance, equity incentive, and service invention. They helped the high-tech team to avoid various potential legal risks at the start-up stage, which was of great significance to the smooth development of the start-up enterprises in the future.