AERGO, Samsung's sponsored startup partner, announces it has secured $ 30 million to major investors, including Sequoia Capital China and GBIC, to develop its open source end-to-end platform for distributed services
Hong Kong – October 2018 – AERGO, the strategic technology partner of the startup funded by Samsung Ventures, Blocko, announces that it has obtained $ 30 million in a venture capital round to allow companies to share data through blockchain networks without trust. Blocko supports, develops and then plans to use the AERGO platform to offer a wider range of enterprise IT solutions and cloud-based application development capabilities to many existing blockchain clients.
AERGO is an open-source end-to-end platform offering large-scale customizable blockchain hybrid implementations, a serverless cloud architecture and data bridging technology. The company was founded by Blocko's leadership team of business and IT veterans and blockchains. The architecture of AERGO will allow companies to transfer data without having to trust an intermediary, while being governed in a flexible and integrated manner without problems in existing systems.
AERGO will use the funds to develop the AERGO platform. This includes:
- Issue of a new basic level public blockchain protocol
- Provision of a set of easy-to-use IT integration software implementation blueprints
- Resizing the research and development teams
- Launch of new applications on the platform to demonstrate use cases
- Expansion of the partner ecosystem and global reach
The AERGO organization has raised $ 30 million in funds to build a public blockchain platform that incorporates insights that Blocko has gotten from supplying 23 private blockchain products to businesses, fintech companies and government bodies since 2014.
The financing round included Sequoia Capital China, GBIC, Neo Global Capital, Dekrypt Capital, FBG Capital, Arrington XRP Capital, JRR Crypto, Rockaway Capital, Block Craft Capital and more.
"I spent over twenty-five years driving companies like Red Hat and VMWare to promote open source technologies by providing complex systems to companies like Deutsche Telekom, HSBC, Ferrari, Sony, Ericsson and Siemens," said Phil Zamani. , Founder and president of the AERGO organization. "Blocko's approach to the next frontier of open source technology, blockchain, will emulate what I did when I was conducting business strategies in companies like Red Hat, where innate customer know-how, which Blocko has, it was the advantage over competitors like IBM. "
Zamani believes that the success of the funding round is credited to the open source leadership experience of the IT company he holds and to the four years of practical experience in blockchain blocko implementation believes to have delivered many systems into production to customers including Korea Exchange, Samsung Card, Lotte Card, a South Korean government agency (and more). Blocko's services have become increasingly sought after by large companies after Samsung has invested in the company in 2016.
AERGO adopts a hybrid blockchain approach to its design architecture that involves a mix of public chain, private chains and side chains all linked through interoperability technology. AERGO states that a hybrid approach should allow for easy integration into existing systems by giving companies the flexibility to combine completely untrustworthy environments for sensitive data or value transfers with regulatory compliance, privacy and customization.
"Many of the new blockchain solutions are not yet suitable for existing businesses and businesses AERGO has the greatest potential to bring blockchain technology closer to the real world as it is leveraging Blocko's core technology that has dozens of production-level projects with millions of end users, "said Sinhae Lee, GBIC Partner, in a statement. "The team has focused on blockchain technology since 2014 and has been supplying its blockchain product, Coinstack, to some of the major conglomerates including Samsung Card, Hyundai and Kia Motors."
Roger Lim, partner of Neo Global Capital, the investment branch of the Chinese blockchain platform NEO, added: "There are three things necessary for a platform to succeed: great technology, a strong team and a proven track record in providing Disruptive vision performance: The team's extensive experience in providing blockchain implementations stands out and meets these requirements.We can not wait to work with AERGO to help them provide a platform for decentralized applications running on the blockchain. "
Previously, the startup had raised $ 8.9 million in a Series-B round in June this year, which included a subsequent investment by Samsung Ventures from a previous round of financing.
Won Beom-Kim – Founder and Chief Scientist
Phil Zamani – President and CEO
Hunyoung Park – CTO & Board Member
AERGO is an open platform that allows companies to create innovative applications and services by sharing data on a reliable and distributed IT ecosystem. AERGO is supported and developed by Blocko, Korea's leading blockchain infrastructure provider.
GBIC (Global Blockchain Innovative Capital) is a multi-strategy cryptographic fund with offices in New York, Shanghai and Seoul. GBIC is a global fund that promotes the development, acceleration and launch of blockchain projects.