Berlin-based AI startup XAIN secures funding in crypto from a strategic investor
Summary
XAIN, a Berlin-based AI company known for partnering with Porsche to become the first to put blockchain technology into a car, has raised funding in cryptocurrency from IOTA co-founder Dominik Schiener. Schiener’s contribution is one of the first major crypto investments of its kind and adds to the trend of venture capital funding through cryptocurrency. XAIN, short for the eXpandable AI Network, was launched as an Oxford University spin-off by CEO Leif-Nissen Lundbaek and CTO Professor Michael Huth and received seed investment funding of €6 million, led by venture capital fund Earlybird in 2018 to explore technology transfer of privacy-preserving AI, with an emphasis on Federated Machine Learning for industrial usage patterns. According to Leif-Nissen Lundbaek, CEO and co-founder of XAIN, the startup’s distributed approach to machine learning offers greater privacy, security, and efficiency in the way data is trained. “ XAIN’s FedML solution will ensure the truly scalable and effective adoption of AI”, he adds.