Berlin-based blockchain and AI start-up XAIN has secured an undisclosed investment in a new funding round from Dominik Schiener, the 22-year-old founder of the internet of things cryptocurrency IOTA which is worth over $800 million.
Schiener also heads up the IOTA Foundation, which is trying to build out the IOTA network and ecosystem.
XAIN, which has raised nearly $7 million in a seed funding in 2018, intends to use the fresh capital injection to continue to expand operations, scale-up activities and hire new employees.
As machine-to-machine contact grows, XAIN wants to be the technology that powers these transactions through a combination of blockchain, decentralized access control, and machine learning.
The German startup sells a blockchain-based protocol and AI through which machines, devices, and humans can control access to data and resources in IoT environments. As such, the company can benefit from operating within the IOTA ecosystem.
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XAIN works on blockchain-based autonomous driving
In essence, IOTA-based data logging mechanism can help XAIN’s FedML technology “for increased accountability and minimizing the risk of data poisoning and other security attacks during the AI training and execution process,” it says.
The company is also working with automaker Porsche on several pilots to put blockchain technology into a standard vehicle model to accelerate the development of autonomous driving on the basis of local data, such as weather conditions.
XAIN, which stands for an “eXpandable AI Network,” was initially launched in 2014 as an Oxford University spin-off.
Commenting on the news, Leif-Nissen Lundbaek, CEO and Co-Founder of XAIN, said: “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.”
Dominik Schiener added: “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.”