DBrain Announces BitFury, AngelVest And Others Invested $3 Million USD In It
It was recently announced by Dbrain that a syndicate of investors which includes AngelVest and the Bitfury Group, along with other companies, has made an equity investment of $3 million USD on the AI application system of the platform. The money will be invested in research and development of the DBrain platform.
It is important to remember that Bitfury has already invested $5 million USD in Dbrain’s DBR token before, so the company seems to be really interested in the AI software of the company. This investment also involves a strategic partnership which was made to support the private blockchain that is currently being created by Dbrain with the Exonum framework created by Bitfury.
The company has now already raised more than a fourth of its hard cap goal with the help of these investors.
The director of Bitfury Capital has affirmed that Dbrain is a “perfect match” because it has innovative technology and AI will be in high demand in the future, so now is a great time to start building a strong relationship with companies that are focused on this area. Bitfury Capital is based in Amsterdam and it is currently looking to increase its presence in the blockchain market.
AngelVest is a Chinese investment group that is also looking for investment opportunities related to the blockchain technology and artificial intelligence. The company was founded in 2007 by the Shanghai chapter of the Asia America Multi Technology Association, a Silicon Valley group. The group now has a specific fund for blockchain and AI investment.
Dmitry Matskevich, co-founder and CEO of Dbrain, has affirmed that the company is delighted to win the trust of these industry giants along with their support. This important milestone will help the company to create a highly scalable network.
Dbrain To Turn Raw Data Into AI
Dbrain’s main goal is the creation of a platform that will be able to take raw data and turn it into AI for business, which everybody knows that is no easy task at all. The core technology that the company will use will Exonum, a framework for blockchain created by Bitfury.
The company uses two protocols, SPOCK and PICARD. Dbrain claims that they can provide transparency and a fair revenue distribution for all of the involved.
While the SPOCK protocol will be used to validate the quality of labeling and to check the accuracy of the AI mappings, the PICARD protocol’s main function will be to ensure that the clients will get the best possible algorithms to use in their AI programs.
Bitfury is the main investor of the Dbrain platform and, at the moment, has managed to fund 90% of the development of the platform, as the Exonum is the main pillar of the technology that will be used by the company with the protocols.
The Exonum framework uses the Bitcoin network as a basis and uses anchoring, which is the process of saving “snapshots” of system states on a public ledger, which can be useful as it removes the individual administration at the same time that it safeguards sensitive data.