Neuromation raises $50 million through ICO “to democratize the AI industry”

Earlier this week Neuromation, a Blockchain and distributed synthetic data platform for deep learning applications, announced that it sold 60 million of its tokens just eight hours after the start of its public sale.

This brings the amount raised during both the pre-ICO and ICO campaigns to the total equivalent of $50 million. Contributors from 89 countries participated in the sale, claims the company.

Neuromation says it will donate 10% of token sale proceeds as grants to AI startups and neural network researchers.

The better part of the proceeds will go to build the platform, with the stated goal of “quickly becoming a chosen destination for AI services for the world’s leading businesses.”

Neuromation’s platform creates “synthetic learning environments” for deep learning of neural networks. These are simulations used to better train algorithms and decrease the cost of using AI in the future.

The company expects to make the first version of its platform available till the end of Q1 2018.

The holders of the Neuromation tokens will be able to use them to pay for the AI-based services on the platform.

“Thanks to Neuromation’s global reach, we’re closer than ever to implementing our vision of the democratization of AI industry,” said Max Prasolov, Neuromation’s CEO.

Founded in 2016, the startup is headquartered in Estonia. The company’s managing team consists of the Ukrainian entrepreneur Max Prasolov (CEO), two Russians — Fedor Savchenko (CTO) and Sergey Nikolenko (CRO), — and California-based serial entrepreneur Constantine Goltsev (Chairman).

Besides Estonia, the company any another two offices, in Kyiv (Kiev) and San Francisco, reports Ukrainian tech blog AIN.UA.

In late 2017, DMarket, a Ukrainian startup which presents itself as the first global marketplace for in-game content, announced it had raised the equivalent of more than $19 million through two phases of its public token sale. The first phase of the ICO took place this past August, with more than $11 million raised at that time.

  • Ukraine Digital News has taken part in an in-depth research about startup innovation in Central and Eastern Europe, with special sections on AI and ICOs. To get a free copy of this report, please click here.
Topics: AI & Big Data, Finance, ICOs, News
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