Blockchain-oriented firm Xain AG recently raised 6 million euro in seed funding round led by Earlybird Venture Capital, a VC firm focused on tech companies. Both firms are based in Berlin, Germany.
https://twitter.com/XAIN_AG/status/1003995965215436801
Earlybird managing partner Christian Nagel will join Xain’s supervisory board. He on the collaboration praising the Xain’s co-founders:
“What Leif, Felix and the team have developed over the last year is hugely impressive, and we’re excited to be working together to create a global market leader. Xain is a great example of the type of founder-led, deep tech-based business that we like to invest in.”
Xain said that it would spend the accumulated funds to expand their business, also by hiring ten software engineers before launching their product at the end of this year. On the other side, Earlybird updated its investment portfolio, managing about 850 million euro, which makes it one of the largest VC firms on the continent.
Xain COO and co-founder Felix Hahmann said:
“With a global presence and a lot of experience with scaling start-ups successfully, Earlybird is an ideal partner as lead investor next to all the strategic co-Investors for our current stage at Xain. We’re excited to take the next steps together.”
Xain has created a cybersecurity protocol based on distributed ledger technology (DLT) and artificial intelligence (AI). The system allows humans, machines, and devices have control over data and resources in the internet of things (IoT) space. The company says its technology is resistant against cyberattacks due to the smart combination of the emerging technologies.
Last year, XAIN won Blockchain Innovation Contest conducted by Porsche. In February 2018, the startup partneredwith the luxury car maker to test blockchain for car features.
In May 2018, Xain, along with 30 other companies, like BMW, Ford, IBM (NYSE:IBM), Renault (PA:RENA), Bosch, and Accenture became part of the so-called Mobility Open Blockchain Initiative, a new consortium that aims to leverage DLT for vehicles.
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