Samsung-backed startup partner, AERGO announces it has secured $30 million from top investors including Sequoia Capital China and GBIC, to develop its end-to-end open-source platform for distributed services.
AERGO, the strategic technology partner of Samsung Ventures funded startup Blocko, announces it has secured $30 million in a venture funding round to allow businesses to share data through trustless blockchain networks. Blocko supports, develops, and subsequently plans to use the AERGO platform to offer a broader set of enterprise-IT solutions and cloud-based application development capabilities to many existing blockchain clients.
AERGO is an end-to-end open-source based platform that features customizable high-scale hybrid-blockchain deployments, a serverless cloud architecture, and data bridging technology. The company was founded by Blocko’s leadership team consisting of enterprise-IT and blockchain veterans. AERGO’s architecture will allow enterprises to transfer data without having to trust an intermediary while also being flexibly governed and integrated seamlessly into existing systems.
AERGO will use the funds to develop the AERGO platform. This includes:
- Releasing a new base-layer public blockchain protocol
- Delivering a set of easy-to-use IT integration software deployment blueprints
- Scaling-out its research and development teams
- Launching new applications on the platform to demonstrate use cases
- Expanding its partner ecosystem and global reach
The AERGO organization will build a public blockchain platform that incorporates insights Blocko has gained from delivering 23 private blockchain products to enterprises, fintech companies, and government bodies since 2014 with the funds they have secured.
The funding round included Sequoia Capital China, GBIC, Neo Global Capital, Dekrypt Capital, FBG Capital, Arrington XRP Capital, JRR Crypto, Rockaway Capital, Block Crafters Capital, and more.
Phil Zamani, Founder and Chairman of AERGO organization said,
“I’ve spent over twenty-five years leading firms like Red Hat and VMWare in driving adoption of open-source technologies by delivering complex systems to corporations like Deutsche Telekom, HSBC, Ferrari, Sony, Ericsson, and Siemens”
The Founder added,
“Blocko’s approach to the next frontier of open-source technology, blockchain, will emulate that which I made when leading business strategies in firms like Red Hat, where innate customer know-how, which Blocko has, was the edge over competitors like IBM.”
Mr. Zamani believes the success of the funding round is credited to the open-source enterprise-IT leadership experience he holds and the four years of practical blockchain implementation experience Blocko holds, having delivered many in-production systems to clients including Korea Exchange, Samsung Card, Lotte Card, a South Korean government body [and more]. Blocko’s services became increasingly demanded by large companies after Samsung first made an investment in the company in 2016.
AERGO takes a hybrid blockchain approach to its design architecture which entails a mix of a public chain, private chains, and side chains all connected through interoperability technology. AERGO claims a hybrid approach, should allow ease of integration into existing systems by giving businesses the flexibility of coupling completely trustless environments for sensitive data or value transfers with regulatory compliant record-keeping, privacy, and customization.
Sinhae Lee, Partner at GBIC said,
“Many of the newer blockchain solutions are still not suited for enterprises and existing businesses. AERGO has the greatest potential to bring blockchain technology closer to the real world as it is leveraging Blocko’s core technology which has dozens of production-level projects with millions of end-users”
Lee further added,
“The team has been focusing on blockchain technology since 2014 and has been providing its blockchain product, Coinstack, to some of the largest conglomerates including Samsung Card, Hyundai, and Kia Motors.”
Roger Lim, Partner at Neo Global Capital, the investment arm of China’s blockchain platform NEO, added,
“There are three things needed for a platform to be successful: great technology, a strong team, and a proven track record to deliver on a disruptive vision. The team’s extensive experience in delivering blockchain implementations stands out and fulfills these requirements. We look forward to working with AERGO to help them to deliver a platform for decentralized applications running on the blockchain.”
The startup previously raised USD 8.9 million in Series-B round in June of this year, which included a follow-on investment from Samsung Ventures from a previous funding round.
Won Beom-Kim – Founder and Chief Scientist
Phil Zamani – Chairman & CEO
Hunyoung Park – CTO & Board Member
AERGO is an open platform that allows businesses to build innovative applications and services by sharing data on a trustless and distributed IT ecosystem. AERGO is supported and developed by Blocko, Korea’s largest blockchain infrastructure provider.
GBIC [Global Blockchain Innovative Capital] is a multi-strategy crypto fund with offices in New York, Shanghai, and Seoul. GBIC is a global fund that furthers the development, acceleration, and launch of blockchain projects.
XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind
XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”
A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.
Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry! 😆
— Wietse Wind (@WietseWind) June 23, 2019
XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.
After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.
The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.
This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.
XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.
SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.
Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.