IOTA founder Dominik Schiener invests in AI startup XAIN

XAIN, a Berlin-based blockchain and AI startup have secured an investment from Dominik Schiener, founder of IOTA. Schiener also leads the IOTA Foundation, which is building the IOTA network and ecosystem.

In 2018, XAIN had nearly raised $7 million in a seed funding. The firm now plans to use the fresh capital injection to continue to expand operations, increase its bandwidth and scale up the activities. As machine-to-machine contact increases, XAIN aims to be the technology that powers these transactions using a combination of blockchain, decentralized access control and machine learning.

The company offers a blockchain-based protocol and AI through which individuals, machines and devices can control access to data in the IoT surroundings. The company can benefit from operating within the IOTA ecosystem.

CEO and co-founder of XAIN, Leif Nissen said: 

“As Co-Founder of IOTA, which emphasizes security as much as XAIN does, Dominik is a major player in the industry. Having him on board with XAIN helps propel us forward in our quest to provide a trusted, more efficient artificial intelligence solution. XAIN’s FedML technology will ensure truly scalable and effective adoption of AI.”

Schiener added: 

“With this investment, I see a great opportunity to help push IOTA further towards product-readiness and bring greater privacy, security, and efficiency to both the DLT and AI sectors. The AI ecosystem is rapidly growing, and I see XAIN combined with IOTA uniquely positioned to create an open and permissionless ecosystem which leverages the strength of both platforms.”