Enterprise Blockchain Gets a Boost as Investors Funnel $120 Million in the Vostok Project
The First Funding Round Pushes Vostok Project’s Value up to $600 Million, with a Second Round Expected in Early 2019
The Vostok project has been developed by the Waves Platform team specifically for large enterprises and public institutions to form the basis of their digital infrastructure. The launch of the first projects in Europe and Asia is expected at the beginning of 2019.
Founder and CEO of the Waves Platform and the Vostok project, Sasha Ivanov said: “The Vostok project lies at the intersection of several disruptive technologies, including Blockchain, Big Data, Artificial Intelligence and the Industrial Internet of Things. By implementing those in the IT infrastructures of corporations and government agencies, we lay the foundation for the digital economy. This is a logical continuation of the work we have been doing over the past few years, advancing the Waves platform’s technological achievements yet further.”
Investors in Vostok’s key target markets were approached to participate in the first funding round. When selecting capital sources, it was important that the investors did not only contribute financing. They also had to have the expertise and motivation to use their business resources to further the project, as well as a portfolio of projects for which Vostok technologies would be beneficial.
London-based financial services group Dolfin coordinated both the structuring and execution of the deal.
Dolfin CEO, Denis Nagy commented: “Despite heightened investors’ interest, attracting private funding for digital technologies is often problematic due to the lack of financial infrastructure to support and structure the deals in the DLT space. Together with the Vostok team, we have developed a model familiar to private equity investors, yet customised to enable the financing of the Vostok blockchain project.”