China-based decentralised blockchain computing platform Ultrain has received investment from NEO Global Capital (NGC).
Financial details were not disclosed, but this follows previous investment from Arrington XRP Capital, Draper Dragon, and DHVC. Ultrain plans to use the funds to build its cloud infrastructure.
Ultrain co-founder Emma Liao says “traditional public blockchains will not meet the high demands of the applications of tomorrow” and its cryptography “tackles security concerns and utilises the freed computing power to create real value for the new economy”.
Established in 2017 in Hangzhou, Ultrain’s founding team is comprised of 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, 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.
The firm says it 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 decentralised applications (dApps) across a variety of industries, such as logistics, entertainment, medical care, and finance.
Through its cryptography developments, Ultrain explains that it has also created a new consensus mechanism that can increase public blockchain performance by 1,000% over traditional proof-of-work networks.