XAIN, an AI startup and blockchain-based firm headquartered in Berlin, has secured new funding from a strategic investor Dominik Schiener, also the co-founder of IOTA.
XAIN firm is mostly known for collaborating with auto manufacturer Porsche, will be the first AI company to deploy blockchain technology in a vehicle. The AI startup firm has raised fund in cryptocurrency from IOTA Co-founder. Dominik Schiener’s investment is considered as one of the important cryptocurrency investment.
The fund was raised in a fresh funding round, and the contribution made by Schiener has not been revealed.
The Internet of things cryptocurrency IOTA was founded by 22-year young Dominik Schiener, and currently, IOTA is valued at $800 million. He is also the head of the IOTA Foundation that is developing the IOTA ecosystem and network.
The Full form of XAIN is ‘eXpandable AI Network’ and introduced in 2014 as an ‘Oxford University spin-off’ by Leif Nissen and prof. Michael Huth. In the previous year, XAIN had successfully raised around $7 million through seed funding round, headed by Earlybird a venture capital fund. Currently, the AI startup firm considers utilizing the new capital fund generated to enhance its functions, accelerates its operations, and increase bandwidth and also to recruit new candidates.
As system-system interactions grow, AI startup firm, XAIN objective is to be the kind of technology that strengthens such transactions by integrating decentralized access control, blockchain and machine learning technology and use them.
The XIAN provides blockchain-powered platforms and AI, and this allows users, devices, and system to manage data access within the IoT (Internet of Things) environment. The firm profits from working across the IOTA system.
Co-founder and CEO of XAIN, Leif Nissen mentioned,
“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.”
IOTA co-founder, Schiener is an active investor in the blockchain technology from 2012 and shares his interest and briefs how XIAN firm suits best in his concept.
“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.”
XAIN Working with Porsche
XAIN is also operating with Porsche on numerous projects so to deploy blockchain-based technology into a regular car model to scale up the designing of free driving by considering the local information, for instance, climate conditions.
As per the XAIN CEO, Leif-Nissen Lundbaek, the AI startup firm XAIN’s distributed technique for machine learning provides higher security, privacy, and progressive level in the way information is prepared.