Blockchain Startup Ultrain Secures Investment From NEO Global Capitalbr>
Blockchain startup Ultrain has secured an undisclosed investment from blockchain investment firm NEO Global Capital (NGC).
Founded by Ray Guo, William Li and Emma Liao, Ultrain is a next generation public blockchain that focuses on building a high performance decentralized blockchain platform through its programmable tech infrastructure. The platform claims to provide a more advanced technical performance to fundamentally solve the performance and scalability issues of other traditional public blockchain platforms. Ultrain claims that that platform can achieve a 1,000-times increase in performance in a fully decentralized network with only 1% of the computing power requirements of the traditional POW network.
“Plagued by performance and scalability issues, traditional public blockchains will not meet the high demands of the applications of tomorrow,” said Liao. “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.”
In addition to blockchain, the platform is also embedding artificial intelligence (AI) and Internet of Things (IoT) protocols 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,” said Roger Lim, Founding Partner at NEO Global Capital. “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.”
The investment from Neo came after Ultrain raised $20 million in a fundraising round from global venture capital firms and crypto funds. Investors in the round include Draper Dragon, FBG Capital, DanHua VC, Arrington XRP Capital, crypto wallet Bixin, OKCoin, Morningside Capital and Ceyuan Capital.