Cloud computing platform Ultrain secures investment from NEO Global Capital
Ultrain, the decentralized blockchain computing platform for large-scale business and industrial applications, has announced a strategic investment from NEO Global Capital (NGC), one of the world’s leading blockchain investment firms with over $400 million in assets, following previous investment from Arrington XRP Capital, Draper Dragon, and DHVC.
As part of its multi-layer framework, Ultrain will use blockchain to achieve trustworthiness and reliability between IoT devices, while using edge computing to sustain interoperability. The platform will then use AI to drive trusted decision-making, which can then be called on and used by third parties in need of AI.
Established in 2017, Ultrain’s team is comprised of leading cryptographers and technicians from Alibaba and Ant Financial, including former Technical Director of Alibaba security group, Ray Guo; head of Qihoo 360’s IOT investment and head of China of goetzpartners, Emma Liao; former Technical Leader and Chief Architect of Ant Financial’s blockchain team, William Li; former Core Architect from Alibaba’s Cloud OS team, Yufeng Shen; and former cryptologist expert from Ant Financials’ blockchain team, Husen Wang.
“Plagued by performance and scalability issues, traditional public blockchains will not meet the high demands of the applications of tomorrow. Through groundbreaking innovations in cryptography, Ultrain tackles security concerns and utilizes the freed computing power to create real value for the new economy. These investments are not only a testament to our far-reaching vision and technical expertise but to the industry’s commitment to a decentralized future.”
Designed to address common roadblocks in the development and application of blockchain, Ultrain has taken a hybrid approach to improve the technology’s performance. By embedding artificial intelligence (AI) and Internet of Things (IoT) protocols into its platform, Ultrain aims to create an end-to-end ecosystem for decentralized applications (dApps) across a variety of industries, such as public utilities, logistics, mobility, sharing economy, entertainment, medical care, and finance.
“Information technology is currently undergoing an incredible transformation. While blockchain has the potential to address these needs, the low throughput, smart contract performance, and security of traditional platforms are challenges for businesses looking to implement the technology. NGC believes in Ultrain’s unique ability to bring blockchain to the mainstream, and we look forward to contributing to the platform’s success.”
“Draper Dragon’s investment in Ultrain reinforces our continued commitment to the betterment of the global blockchain ecosystem, and we look forward to watching Ultrain do the same by bringing its technology to the masses.”
Through its innovations in cryptography, Ultrain has also created a new consensus mechanism that can increase public blockchain performance by 1,000% over traditional Proof-of-Work (PoW) networks while ensuring the same high-level security. Using only 1% of the computing requirements of other public blockchain platforms, Ultrain’s core technology has freed up substantial computing power that is instead utilized as trusted computing to create value for the real economy.
“As the blockchain industry continues to take a more targeted approach to adoption, it is important to develop technology that is accessible and functional for real-world commercial applications. We are excited to part of Ultrain’s journey in bringing a usable platform to organizations worldwide.”
