Sequoia Capital China Leads Financing for Theseus, a Stealth Blockchain Project Incubated at IOST
IOST has recently announced a May 28th formal launch of Theseus, a blockchain application team incubated at IOST.
Theseus is an IOST-incubated R&D team dedicated to pushing the envelope in blockchain technology and paving the way for the IOST developer community. Its stated goal is to develop practical applications for consumers and companies in industries that can potentially be transformed by utilizing the power of the IOST blockchain. In the process of developing dApps on the IOST blockchain, the Theseus team also aims to inspire and assist more developers, promoting the growth of the IOST blockchain developer community.
The team’s name is inspired by the famous Theseus’ Paradox (The Ship of Theseus Thought Experiment), which raises the question of “whether an object that has had all of its components replaced remains fundamentally the same object.” The Theseus team believes that all technological advancements inspire a “cascading effect” wherein innovations inspires branching innovative ideas, all of which build upon each other, ultimately altering and advancing the original breakthrough completely. By beginning with small innovations and building upon them, Theseus hopes to bring about a quantum change in the industry.
Theseus will select from the fields that are currently best suited for blockchain technology and then determine the potential directions of future research and development. In its first phase, Theseus will start with UGC content, tools, gaming, etc., and consistently challenge and improve upon existing solutions to create more practical consumer-facing blockchain-based applications. During this process the Theseus team will collaborate with existing projects and provide inspiration and technical direction for developers pursuing projects in the same or similar fields.
In addition to R&D, Theseus aims to provide future services for institutions and individuals who intend to develop on the IOST blockchain. Those services will include development training, security auditing, engineering solutions, etc. Theseus will also incubate and assist promising early-stage application projects, helping them transform traditional business models through the application of blockchain technology.
Current Theseus shareholders include top institutional investors such as Sequoia Capital China, Matrix Partners China, ZhenFund and K2VC.
Qingshen Zheng, partner at Sequoia Capital China said, “Blockchain technology is still in the early phases of its development, but I have no doubt that it will bring about colossal changes in various areas of life and business, such as brand building, community products, and even corporate equity. Of course, blockchain technology isn’t all-powerful, but when applied in the appropriate situations I believe it has the power to improve societal efficiency and promote greater cooperation. We hope Theseus will be able to combine technological applications with real-life business situations, thus creating blockchain applications that provide true value for consumers and businesses.”
Min Xiao, partner at Matrix Partners China agreed, “Blockchain technology establishes decentralized consensus mechanisms through algorithms, which helps the traditional model of the Internet become more fair and more open. However, there is still a great shortage of professionals in the field. We were inspired by Theseus because it is building a decentralized ecosystem supported by a community of active blockchain developers. This ecosystem will allow for exceptional talent to lend their abilities to the field of blockchain development, which in turn should rapidly speed up the development of the greater blockchain ecosystem.”
In regards to the characteristics of dApps and its future development, Yusen Dai, partner at ZhenFund said, “Since dApps do not rely on any centralized servers, they are very unique compared to traditional applications. Examples include the reliability and immutability of data, the transparency and openness of systems, and the transformation of economic models and relations of production in traditional business models; there are many innovative use cases for dApps that are worth exploring. We believe that Theseus will be able to produce a so-called blockchain ‘killer app’ in the very near future.”
Before this, IOST had previously established partnerships with the founders of world-famous online education platforms Codeacademy, Skillshare, and General Assembly, with several founders active members of the IOST advisory team. These major online coding education platforms will be working alongside Theseus in launching a series of online courses for dApp development on the IOST blockchain. After a certain period of training, many promising programmers will be able to begin development of dApps and make their transformative contributions to the blockchain ecosystem.
Yang Zhao, partner at K2VC says, “ Blockchain Technology is often referred to as “the next Internet. The Internet brought about unprecedented opportunities but also unprecedented change. Blockchain technology is about to bring gigantic and unpredictable transformations to current business models. However the underlying technology cannot create massive change without the development of practical applications. We believe Theseus will promote the commercialization of blockchain technology, and apply blockchain technology to truly optimize and improve traditional industries.”
Sequoia Capital, China
As “The Entrepreneurs Behind The Entrepreneurs,” Sequoia China focuses on four sectors: TMT, healthcare, consumer/service, and industrial technology, investing in over 300 companies, many of which are leading in their fields, including: JD, Alibaba, Sina, Qihoo 360, Meituan-Dianping, Didi, Headlines Today, VIP.com, BGI, DJI, Betta Pharma, ZTO Express, Mobike, etc. This impressive investment transcript has helped Sequoia become a legend in the Chinese Investment Scene.
In the past 5 years, over 50% of Sequoia-invested projects entered the next round of investment, 58 of which successfully completed their IPOs. A large proportion of other companies were also acquired in the process. Sequoia is also far outranking other institutional investors in the amount of unicorn companies invested. In the “TOP 22 © VC Institutions behind Rising Unicorn Companies, 2017” rankings, Sequoia came first with 13 Unicorns captured in 2017.
Sequoia is famous for its unique vision and foresight. Sequoia is also a pioneer in this current blockchain tide, the investment it made in Bitmain, a Unicorn Company in the blockchain industry is proof of its sharp eye for potential and strength.
ZhenFund
ZhenFund is a seed fund founded by New Oriental co-founders Bob Xu and Victor Wang. ZhenFund was established in 2011 in collaboration with Sequoia Capital China, with the aim of promoting entrepreneurship, innovation, wealth-generation, and creation among youth in China. With a belief that “great businesses begin with exceptional founders”, ZhenFund has always been dedicated to discovering the best founders, providing them with the best resources, guiding their every step toward success.
ZhenFund has a unique vision, and many of its investment projects have developed into famous companies, such as Jumei, Jiayuan.com, Lightinthebox.com, 51 Talk, Hero Entertainment, Zhaogang Netcom, Meicai.com, Red, Mia.com, ofo, Ucommune, Logic Show, VIPKID, etc. Since the creation of the “Seed Investment Institutions “category in the Zero2IPO Group Annual China Equity Investment Ranking in 2014, ZhenFund has reaped four consecutive years of championship in the “TOP 30 Seed Investment Institutions” ranking from 2014–2017.
ZhenFund has had a working relationship with blockchain since its early days. In November 2013, the famous trading platform, Huobi, received a seed investment from ZhenFund. Earlier this year, ZhenFund founder Xiaoping XU said: “The blockchain revolution is here, and it is a great technological revolution that will shower its followers in glory, annihilating all that stands in its way,” encouraging all to embrace blockchain.
Matrix Partners, China
Matrix Partners owes its reputation in the global venture capital industry to its impressive investment portfolio and long history. Matrix Partners, China was officially established in 2008, and is dedicated to seeking investment opportunities in Mainland China.
Since its founding in 1977, Matrix Partners has made hundreds of investments and has played major roles in the development of countless successful companies. 50 Matrix Partners-invested companies are now listed in markets around the world; another 75 companies were ultimately acquired. In regards to ROI, Matrix Partners has always been leading amongst venture capital companies in the world.
Matrix Partners, China, was established through combining localized knowledge and a global vision. It is dedicated to establishing long-term relations with exceptional companies and guiding them to becoming leading companies in their industries. The team at Matrix Partners, China consists of a mix of successful entrepreneurs and experienced investors. Past successful investments include Focus Media, EBAY, Baidu, etc.
In 2017, Matrix Partners, China mapped out its future directions in the face of the blockchain tide. Instead of hot and short-term dividends, Matrix Partners, China places greater emphasis on products and the long-term value created by companies. Just as founding partner Shengsheng XU said: “Those that can ride out the worst will ultimately ride the waves.”
K2VC
K2VC was established in 2010, and focuses on seed investment for Chinese tech. startups. K2VC is dedicated to the changes that push the improvement of technology and revolution of business models. Currently, K2VC is managing numerous funds, investing a total of over 3 billion RMB. K2VC is committed to swift decisions (to match the pace and action of entrepreneurs,) flexible terms (to promise greatest freedom and highest focus,) the best value-added services (to ensure in organized recruitment.) As a leading seed-investment institution, K2VC has invested in over 300 companies, including Jumei.com, youyuan.com, Mojichina, Zhaogang Netcom, fenqile.com, mia.com, tuanche.com, meiyou.com, dongqiudi.com, etc.
For more information, please visit Theseus
