Blockchain Startup AERGO Raises $30M USD In Private Token Sale

Blockchain, ICO News, Investing, News | November 19, 2018 By:

Blockchain startup AERGO has raised $30 million in its private token sale led by Sequoia Capital China. Other investors in the private token sale include FBG, GBIC, Arrington XRP, Dekrypt, Rockaway, Neo Global, Divergence Digital, JRR Crypto and Block Crafters Capital.

AERGO is a blockchain ecosystem supported and developed by Samsung-backed Blocko, an enterprise blockchain platform provider, specialized in general purpose blockchain platform, blockchain application, and blockchain consulting services. AERGO aims to take Blocko’s technology to the next level by morphing it into an entire end-to-end open-source platform and basing it around a hybrid (private and public) blockchain design. Once fully developed, AERGO will allow businesses to build innovative applications and services by sharing data on a trustless and serverless IT ecosystem.

The new capital will be used to develop AERGO’s platform, including releasing a new base-layer public blockchain protocol, delivering a set of IT integration software deployment blueprints, and adding new research and development resources. It will also be used to launch new applications and expand its network.

Phil Zamani, Chairman and CEO of the AERGO Foundation and co-CEO at Blocko, said that they received nearly a billion dollars in allocation requests during the sale; however, they raised no more than their hard cap of $30 million. He added that Blocko’s close involvement with the AERGO project was a leading factor in the extensive over subscription and subsequent success of the round.

“With funding from some of the largest traditional VCs, multinational conglomerates, and some of the most well-connected crypto funds from around the world, we’re one step closer to creating a transformative open network where businesses can feasibly deploy distributed applications on a commercial level,” Zamani said. “We’re one step closer to enabling distributed trust at scale.”