Global Blockchain Network PlatON Secures $50M After Two Rounds of Funding
PlatON, a blockchain network owned by Singapore-based LatticeX Foundation, announced that it has raised USD12 million from a second round of funding, led by Alpine Capital, Hash Global Capital, and participation from OUE Singapore, a leading Asian insurance asset management institution, and other regional family offices.
This was the second round of PlatON’s funding, which puts PlatON, a network initially released in San Francisco in July 2018, cross the line of USD50 million in total raised capital from its two rounds of funding efforts. The first round was led by Hashkey Capital and Youbi Capital, jointly with Hash Global Capital, SNZ Capital, and Fundamental Labs.
According to PlatON, the additional capital will be used to advance research in its privacy-preservation computation, distributed AI, and Giskard, the underlying blockchain platform. The capital will further accelerate project implementation, building economic models, as well as providing community services.
PlatON is expected to soon launch its Phase 3 neural computing network known as Alaya after two and half years’ development, including an eight-month test run of its Baleyworld testnet. This round’s funding structure indicates its commercial focus towards Southeast Asia from its base in Singapore.
According to the chief advisor of LatticeX foundation, Mr. Liang Xinjun, a former cofounder and CEO of Fosun International, with this fund raising PlatON was “on a milestone of leading the privacy-preservation computation and building the next-generation of distributed economic infrastructure. “ Mr. Liang also commented that, “I have full confidence at PlatON’s team whose expertise and experience will lead the way in upcoming digital Infrastructure transformation, a long but promising journey. And I feel honored to be part of it from the very beginning at this critical historic moment. “
PlatON is a Singapore-based public blockchain network, which strives to lead in privacy-preserving computation and become the next-generation infrastructure for distributed economy. It is dedicated to developing secure, scalable, and high-performance computing network with the first-class privacy preservation features, built on its advanced computation architecture and cryptography algorithms, including verifiable computation (VC), secure multi-party computation (MPC), zero-knowledge proof (ZKP), and homomorphic encryption. PlatON aims to become the open-source public infrastructure for AI and distributed applications for developers, data providers, institutions and individuals with privacy-sensitive computing demand around the world. Alaya, a neural computing network developed by PlatON, will be available soon.