XAIN won Porsche’s first Blockchain Innovation Contest in 2017 and their partnership has seen several pilots putting blockchain technology into a standard vehicle model. 

Challenge:

The round saw keen interest and participation from international strategic investors, especially in Asia.  This success will allow the German AI and Blockchain start-up to move forward with their plans to scale-up activities and hire 10 new employees, mostly software engineers, to launch their product by the end of this year.  We have helped the company secure the specified amount of capital by using our guide on pitching investors for venture capital which you can read about by clicking the link. 

The Revelation:

Chris Burns, Partner at Challenge Advisory, has worked closely with XAIN in the core areas of securing funding.  Speaking of this achievement, he states – ‘we are extremely pleased to be involved with XAIN securing €6 million in funding with Earlybird, as we continue to support start-ups facilitating growth through our funding practice. 

XAIN provides industry solutions based on blockchain intelligence as a combination of blockchain technology and machine learning.  Their company focus lies on building an energy efficient and GDPR-compliant distributed blockchain network, allowing enterprise-ready, robust and adaptable infrastructure for automated business processes.  XAIN are driving the revolution that will reshape economies in the industrial sectors through collaborative platforms. 

Outcomes:

This funding round has demonstrated growing interest among car makers in blockchain technology.  XAIN won Porsche’s first Blockchain Innovation Contest in 2017 and their partnership with the car manufacturer has seen several pilots putting blockchain technology into a standard vehicle model.  It is believed the initiative will accelerate the development of autonomous driving in the long term.  To find out more about what kind of funding rounds we support, please click here and read about our article that explains the definition of Series A Funding and other rounds.