Ultrain successfully raised tens of millions of dollars during Angel round

Morningside Venture Capita as Lead Investor! Ultrain successfully raised tens of millions of dollars during Angel round on the first half of this year.

After Ultrain Technology Limited (here in after referred to as “Ultrain”) obtaining 4 million yuan seed round financing in October last year, it also successfully raised tens of millions of yuan financing during the Angel round Investment with a valuation of hundreds of millions of yuan. This round of funding is led by Morningside Venture Capita, a top venture capital organization in China, thrown by Hong Tai Fund, DraperDrago Fund.

Founded in 2017, Ultrain Technology Limited Ultrain was co-founded by Guo Rui, former Alibaba Security Group Technical Director, Li Ning, old Ant Golden Clothing Chain Team Technical Leader/Chief Architect, and Emma Liao Zhiyu, former BRIC Capital Managing Director and Head of Qihoo 360 Intelligent Hardware Investment. It is a technology company dedicated to the research and development of the public chain for the next generation blockchain. Ultrain hopes to become a true infrastructure of blockchain application developers by integrating block chains, AI and IOT devices,

Sheng Xitai, the founder of Aplus Fund, believes that the blockchain brings a new economic framework that the humanity can now generate the most massive scale consensus at the lowest cost, also a technology with great imagination in the application layer. However, the development of the infrastructure technology of blockchain is still at an early stage. The work of building a large number of infrastructures has not been completed. The performance, security, and compatibility of mainstream public chains in the current marketplace are difficult to carry out large-scale commercial applications. The Ultrain team has a strong technical background and has extensive experience in high-performance computing, operating system core components & resource allocation. The entire team has a profound understanding and mutual trust in technology, business, organization, community management, etc. This is also a rare combination in the blockchain entrepreneurship project.

Ultrain has the following six breakthroughs and advantages over other public chain projects:

1)High-performance: With breakthrough innovations in cryptography, Ultrain established a new consensus mechanism we call a random trust consensus framework. This new consensus mechanism can increase performance 1000-fold in a fully decentralized network, utilizing only 1% computing power of a traditional POW system, and still achieve the same level of security performance as POW.

2) Trusted Computing: Through innovations in Ultrain cryptography, only 1% of the network’s computing power is required to implement mintage when a consensus is formed every round, and the remaining 99% of the computing power can be used in trusted computing to manage services, such as CPU computing, GPU computing, memory computing, hard disk resources, bandwidth resources and so on, for external parties.

3) User-Friendly Smart Contract: The biggest issue with existing smart contracts is that the learning curve is too steep and learning to write them is a challenge. Based on this idea, Ultrain has designed a new programming syntax for smart contracts based on the design of the JavaScript language, including providing standard code library support; providing a series of standardized smart contract templates using the template technology; and implementing smart contract formalization and colloquial programming practices using the machine learning technology, thereby simplifying the learning process for the layman

4) Non-deterministic consensus: Decentralization means that in a community of complete equality with no center or authority, a group of people reaches a consensus through negotiation to accomplish a goal agreed by everyone. In the blockchain, there is technical consensus and business consensus.

5) Reinforcement learning: building a complete reinforcement learning training and operational platform that is based on idle computing power, which includes multiple master AIs essential to the operation of Ultrain,

6) IoT: one of Ultrain’s chief objectives is to achieve operational trustworthiness and reliability of a single IoT device and between IoT devices as well as reliable payment transactions between different IoT devices, using blockchain technology. Meanwhile, it intends to implement firmware-level compatibility and unified external programming interfaces of IoT devices by introducing the blockchain-level operating system.

As a true underlying decentralized infrastructure operating system or development engine platform, Ultrain will provide comprehensive, efficient and friendly support and service to DApp developers, making it easier and more practical for developers who are committed to the development and running of DApp. On the one hand, it provides comprehensive developer tools and development environment support; on the other hand, Ultrain team will provide a wealth of commercial components and functional components in the chain, such as identification, credit system, zero-knowledge proof, etc., so that DApp developers can quickly and easily build their business applications.

With a significant performance-based increase and a significant cost reduction, the infrastructure of Ultrain can effectively support large-scale business applications, provide trust-based computing services, and broadly empower industries such as financial services. Sharing economic, medical, retail, logistics, media and entertainment industries; it can also support disruptive innovation in the traditional trade industries that usually involves intermediary agencies. Ultrain will promote the development of blockchain in the global industrial chain and build a commercial, economic ecosystem based on Ultrain.

After this round of financing, Ultrain will further accelerate research and development, sprint for the public chain network as soon as possible; and accelerate the construction of the global community ecological environment, to create an Ultrain international brand and high-quality community. Make further efforts to develop a business vision for a programmable business community.

Rui Guo (Ray Guo)

Co-founder & CEO

• As the former technical director of Alibaba1 Security Group, he led the team to establish one of the world’s top three risk control data product systems and ensured the security of the platform on Double Eleven every year, helping companies affiliated to the Alibaba group and corporate customers establish a trusted network ecosystem.

• Former Technical Director of the IBM Global Consulting Service Department and head of the Innovation Development Center. He served dozens of large state-owned and private enterprises in various industries, including China Mobile and State Grid, showing an in-depth insight of the bottlenecks of various business and enablement of enterprises by informatization. Committed to uniting global community forces to build a Blockchain 3.0 ecosystem that energizes the real economy and promoting the realization of a programmable society.

Zhiyu Liao (Emma Liao)

Co-founder & CSO

• Founder and CEO of Pioneer Capital, a leading boutique investment bank in China. With nearly 10 years of experience in investment, investment banking and corporate operation, she is an industry expert in cross-border mergers and acquisitions, overseas cooperation and IoT technology with considerable international and domestic corporate resources.

• Managing Director of Golden Brick Capital TMT, founding CEO of Kunlun Redstar (the first professional ice hockey club in China) head of IOT investment of Qihoo 360, head of china of leading European investment bank goetzpartners GmbH and International Account Director at New York Private Bank & Trust. She has invested in projects such as NIO, Renrenche.com and 360’s privatization.

• Responsible for strategic planning, financing and investment, BD and PR work for the Ultrain project as well as the establishment and implementation of the Ultrain ecosystem.

Ning Li (William Li)

Co-founder & CTO

• With more than 11 years of experience in the Internet industry and extensive research, development and management experience in high-performance computing, operating system core components, operating system resource scheduling and many other fields.

• As the former technical director of the Alipay Blockchain team, he was responsible for the design, research and development of Alipay’s independent Blockchain platform. During that time, he led the team to obtain more than 30 patents on Blockchain-related technologies.

• As the former core architect of the Alibaba1 Cloud OS, he was responsible for the architecture, design and management of cloud application runtime management services, cloud application resource scheduling, CloudEngine cloud, data management services and other modules.

• Responsible for the research and development work of the Ultrain project.

Key Investors

Morningside Venture Capital

• Morningside Venture Capital was one of the earliest organizations to engage in early-stage venture capital investment in China. Currently, it manages four periods of USD funds and a period of RMB funds, amounting to approximately US$1.7 billion. The investors come from well-known international sovereign wealth funds, family funds, fund of funds, university foundations, etc.

• Its founding partner Liu Qin has more than 18 years of venture investment experience, focusing on media, entertainment, consumer services, corporate services, AI and Internet finance. He was named Best Venture Capitalist by Forbes, top 10 Chinese Venture Capitalist by Zero2IPO Group and Best Venture Capitalist of the Year by ChinaVenture.

• Morningside Venture Capital has invested in companies such as Sohu, Ctrip, Thunder, YY, OneSmart, Phoenix New Media, Xiaomi, Kuaishou, and aihuishou.com.

Hongtai Capital

• Hongtai Capital is a diversified investment holding company with unique advantages in China. It was co-founded by the famous entrepreneur Yu Minhong and the senior investment banker Sheng Xitai in 2014. The core business includes investment management and entrepreneur services, wealth management, consumer credit report and other ecological business. The unique founder combination has made Hongtai Capital well versed in every step of entrepreneurship from startup to IPO. The company has extensive and in-depth influence among Chinese entrepreneurs and listed companies.

• Hongtai Capital focuses on AI/big data, financial technology, consumption upgrade, sports, and entertainment, etc., and has invested in projects such as 51 Credit Card, Rage Comics, Edianzu, Dorabot, etc.

Draper Dragon

• Draper Dragon Innovation Fund is one of the core funds of the Draper Venture Network and has long focused on venture capital investment in cutting-edge high technology. At present, it manages multiple RMB and USD funds as well as several special investment funds in the blockchain field. It has participated in the early investment in Telegram, VeChain, Aelf, Ledger and other projects in the blockchain field.