- XAIN plans to expand operations, increase its bandwidth and scale-up activities.
- XAIN offers a protocol and AI through which individuals control access to data in the IoT surroundings.
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.”
“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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.