A syndicate of investors including Angelvest, Bitfury Group, and a consortium of cryptocurrency traders is making a $3 million equity investment to the AI application development platform Dbrain.
This comes after an earlier $5 million investment from Bitfury in Dbrain’s DBR token and brings total capital raised to $8 million. Bitfury’s investment in Dbrain also involves a strategic partnership to support Dbrain with private blockchain development using Bitfury’s Exonum framework.
Time for the big news! Dbrain #fundraising reaches an important milestone. We secured $8 million in investments from @BitfuryGroup, @AngelVestGroup and a consortium of cryptocurrency traders. Find out the details in our Medium post: https://t.co/dOlToubv1X
— Dbrain (@dbrainio) 2 August 2018
This investment marks an important milestone for Dbrain’s fundraising as the company has already raised more than a fourth of its “hard cap” fundraising goal. The investment from Bitfury, AngelVest, and other partners has opened new possibilities for Dbrain’s token, extending the token sale to bring more strategic partners onboard.
“Dbrain is a perfect match for Bitfury Capital’s focus on funding innovative technology,” said Marat Kichikov, Director of Bitfury Capital. “With the rise of artificial intelligence, we see a high demand for AI-based platforms in the future, and we eagerly look forward to building a strong relationship with Dbrain.”
In addition to Dbrain, Bitfury plans to continue investing in promising blockchain-based companies this year. Based in Amsterdam, the company already has a presence in North America, the Middle East, and Asia. It also landed a position on the 2018 Forbes Fintech 50 List.
Chinese investment group AngelVest is also looking for opportunities to invest in artificial intelligence and blockchain-related startups. It was founded in 2007 in affiliation with the Shanghai chapter of the Asia America Multitechnology Association, one of Silicon Valley’s leading business networks. AngelVest Group has launched a fund specifically targeting cryptocurrencies and artificial intelligence, and Dbrain is one of the early benefactors of this large crypto-fund.
“We are delighted to win the trust of industry giants like Bitfury and AngelVest. Their support means a great deal. With their help, we have managed to close a quarter of the hard cap. This marks an important fundraising milestone for us,” said Dmitry Matskevich, co-founder and CEO of Dbrain. “Also, Bitfury’s Exonum framework is exactly what we were looking for. It provides us a way to increase the security and reliability of our platform while creating a highly scalable network. So, we are really excited about the strategic partnership with Bitfury.”
To build a platform that turns raw data into AI for business, Dbrain is using Bitfury’s core product Exonum, an extensible framework for blockchain projects. Dbrain platform implements two blockchain protocols — SPOCK and PICARD — which provide transparency and fair revenue distribution. SPOCK protocol validates the quality of labeling and checks the accuracy of mappings. PICARD protocol ensures that the client gets the best algorithm possible and automatically manages relations between all parties involved. The partnership between Dbrain and Bitfury has enabled Dbrain to build 90% of its platform on top of Bitfury’s Exonum framework.