Seven Stars Cloud Group, LLC. announced on Tuesday that it will move its Innovation and Technology headquarters to the former University of Connecticut West Hartford campus on Asylum Avenue.
Governor Dannel Malloy, Department of Economic Development Commissioner Katherine Smith and Chairman and CEO of Seven Stars Cloud Group Bruno Wu made the announcement from the State Capitol.
Malloy says the deal will bring 330 high-paying tech jobs in the next five years “transforming the UConn campus in West Hartford into a flourishing center for research, training and business development.”
The company website says it “is aiming to become a next generation Artificial – Intelligence (AI) & blockchain-powered, fintech service company, focusing on digital asset production and distribution. [The company] facilitates and enables the transformation from traditional financial markets into the asset digitization era. SSC acts as the manager and service provider of an ecosystem for securitization and digital currency tokenization as well as trading system integration.”
Malloy described one aspect of the services Seven Stars Cloud Group provides as creating the technology used to facilitate secure, instantaneous transactions using blockchain.
On Monday, News 8 was with the Governor at the announcement of a new fuel cell-powered data center on the Stanley Black & Decker campus in New Haven. Earlier this year, technology firm Infosys announced it will move also move to Greater Hartford.
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Malloy says the efforts to bring in high-paying tech jobs began early on in his administration.
“A testament to our state’s commitment to nurturing our technology industry which, combined with our unprecedented investments in bio science, advanced manufacturing, digital media and other cutting edge industries, form the backbone of our 21st century economy,” said Malloy.
Smith seconded these sentiments, saying Tuesday’s announcement “really doubles down on our effort to bring really outstanding global companies to the region.”
The state will give the company a $10 million grant through its First Five Plus program. The loan is forgivable if the company meets its job creation targets. Seven Stars Cloud Group says the total project will cost $283 million.
Wu says it looked at locations in five states, but felt West Hartford was the perfect fit.
“Hartford and West Hartford are centrally located to Boston and New York. You have lots of talent available in both metropolises and with all the universities around here – there’s a great talent pool,” said Wu.
The deal is contingent on the town of West Hartford and the UConn Board of Trustees approving the $5.2 million sale of the property. The UConn Board of Trustees will hold a special meeting on Friday morning to vote on the proposal.