The IOTA foundation announced on Tuesday that Robert Bosch Venture Capital(RBVC), the venture capital arm of German engineering and electronics company Robert Bosch GmbH, has acquired a sizeable amount of IOTA tokens for holding as a strategic step towards enabling machine-to-machine economy.
In addition, “deep tech” investor and RBVC partner, Hongquan Jiang, who has been working at Bosch since 1996, has signed up with the IOTA foundation in an advisory role. Speaking of his new role, Jiang enthused about the tangle being one of the most important innovations of distributed ledger technology(DLT),
“I’m very excited to join the advisory board of IOTA foundation. IOTA’s tangle technology is one of the most important innovations in the distributed ledger technology (DLT) in the last years that could truly enable the industrial adoption of DLT in large scale. I’m looking forward to working with the IOTA team to contribute to this transition of the IoT industry.”
He said IOTA has the potential to solve fundamental problems in distributed ledger technology such as scalability and transaction cost for the machine economy, Internet of Things(IoT). Speaking of the choice of IOTA, Jiang added,
“RBVC is, of course, also evaluating and working with other DLTs. Choosing IOTA as the first investment is based on the fact that we have been working with IOTA for quite some time and are very impressed by the founding team and the IOTA community. And IOTA has the potential to solve some fundamental problems in the DLT for IoT, namely the scalability and transaction cost issues. The IOTA technology is still at an early stage. However, this could become a big breakthrough for the IoT industry if it is getting more mature in the future.”
Co-founder of IOTA, Dominik Schiener said IOTA is poised to disrupt the IoT industry by not only automating and optimizing systems but also creating a fully autonomous machine economy to truly unleash the potential of IoT by enabling a new distributed data market for both global and local ad-hoc environments. Jiang added that RBVC will facilitate industrial access for the development team of IOTA and the collaboration further underpins Bosch's commitment to be a pioneer in the industrialization of DLT.
“RBVC will, as it always does for its portfolio companies, try to help the IOTA Foundation in the industrialization of this technology via our network. We will connect the development team of IOTA to industrial experts and decision makers. We will also give them advice in the domains where we have experience. Bosch is a pioneer in the industrialization of DLT. The deal is another proof of Bosch’s commitment to this field.”
IOTA's valuation rose 800% in the aftermath of IOTA's misconstrued/misreported ‘partnership' with Microsoft, Samsung and other companies on November 28. It then crashed by 40% after the partnership was later clarified as no more than a commitment by the companies to participate in IOTA's pilot study, The Data Marketplace which lasts until March.
“It’s important to note that we do not have a formal partnership with any of these companies. In fact, we never requested any such commitment from any of them for the data marketplace,” Schiener clarified in a statement last week.
In a similar vein, today's announcement has kicked off a new spell of FOMO(fear of missing out) among investors as the valuation of IOTA has surged 30% since. Long-term investors would be well-advised to pay no mind to manipulative influences and carry out their own research before determining which projects to invest in.