AERGO Raises $30 Million From Investors, Set To Develop A First-of-Its-Kind Blockchain System


Submitted by Anonymous (not verified) on Tue, 11/20/2018 - 00:40

AERGO Raises $30 Million From Investors, Set To Develop A First-of-Its-Kind Blockchain System

AERGO,  a Samsung-backed startup partner has announced it has successfully raised $30 million from top investors, including Sequoia Capital China and GBIC to enable to build its end-to-end blockchain network.

AERGO, a tech partner of Blocko, which is a Samsung Ventures funded company, has successfully secured $30 million from highly reputed investors, to enable it to develop a trustless blockchain network that would make it easy for firms to share data seamlessly.

Blocko supports the AERGO initiative, and it plans to use the latter’s blockchain solution in offering clients a broader set of enterprise IT solution as well as cloud-based application development services to its existing blockchain clients.

AERGO is a highly functional blockchain platform that provides clients with custom-made high-scale DLT deployments, serverless cloud architectures, as well as data bridging services.

Founded by Blocko’s enterprise team of experts in the blockchain industry, AERGO is looking to use its new $30 million war chest to develop a blockchain platform that would enable organizations to transfer data without intermediaries.

That’s not all, AERGO will also use the fund to:

  •    Establish a new base-layer public blockchain network
  •    Create user-friendly IT integration software deployment frameworks
  •    Launch new blockchain applications
  •    Ink more partnership deals with other credible firms in the blockchain industry

The blockchain firms that participated in the AERGO funding round include:

Sequoia Capital China, GBIC, Neo Global Capital. Dekrypt Capital, FBG Capital, Arrington XRP Capital, JRR Crypto, Rockaway Capital, Block Crafters Capital, and several others.

Chairman and Founder of AERGO, Phil Zamani noted that:

“I’ve spent more than 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 Telecom, HSBC, Ferrari, Sony, Ericsson, and Siemens.”

AERGO is crafted using a hybrid blockchain design. The platform is developed with a mix of a public chain, private chains and side chains connected via interoperability technology.

AERGO says the hybrid nature of its blockchain system, coupled with its regulatory compliant record keeping and other excellent feature, makes it easy for businesses to integrate it into their existing technology seamlessly.

“Many of the newer DLT platforms are still not suitable for enterprises and existing businesses,” said Sinhae Lee, a Partner at GBIC, adding “AERGO has the greatest potential to bring blockchain technology closer to the real world as it is leveraging Blocko’s core technology which has several production-level projects with millions of users.”

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