Making its first foray into venture capital, Apis Capital Management announced on Thursday that it is acquiring the blockchain intelligence and analytics division of the White Company. The acquisition was made through Apis Ventures, the newly found private equity fund under Apis Capital Management. The fund is focused on investing in machine learning and artificial intelligence ventures.
According to Dr. Edgar Radjabli, Managing Partner of Apis Capital Management, the company is driven to explore the changes that advanced technologies like artificial intelligence (AI), machine learning (ML) and deep learning (DL) could have on the world.
He noted that the world is capturing a multitude of data points, but there is no way to put this data to use and effectively leverage it to provide impactful solutions. Radjabli said:
"We are now seeing more attention to fundamental technologies and some key developments, such as the Linux Foundations' launch of Acumos AI platform. Our fund is focused on bringing companies together that can do just that and this acquisition is an important step in that direction. The future of AI will not be dominated by IBM and Watson."
Dr. Radjabli noted that they were particularly interested in White Company's advanced fraud analytics. The solution helps their clients to comply with strict KYC/AML laws.
Other interesting technologies from the White Company that Apis Capital focuses is on is their market liquidity algorithms and their exchange operations. Dr. Radjabli, and the head of the machine learning at Apis Capital Management, Dr. Yosin Yakobu, will initially stay on the blockchain intelligence and analytics division's board as directors.
The White company is working extensively with blockchain technology on making global payments and financial transactions easier. Their solutions cater to both businesses and consumers and enable them to pay others within seconds, without incurring fees.
The company is unique in having the only complete financial solutions package based on blockchain. It combines a fiat on/off ramp, stablecoins, a crypto wallet, a crypto exchange, a debit card, merchant processing solution, and asset management solutions.
Elizabeth White, White Company CEO noted that the acquisition of the blockchain AI division would help bring immediate value to the shareholders and let the company focus more on its key revenue drivers. The division, however, continues to work in synergy with the company.
A journalist and trader who enjoys writing, technical analysis and consulting. Viraj has been investing in stocks for more than eight years and involved in cryptocurrencies for over a year.
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11/17/2018 / 16:29:31 Source: blokt