Xoogler Ventures Investing in MachineFi
By Howard Tung | Xoogler Ventures GP
Former presidential candidate Andrew Yang helped us to see that machines are increasingly becoming a higher percentage of our workforce and replacing many workers. However, web3 technology and machines can also unlock many new benefits that provide ownership and financial value to communities. Imagine if the health data generated from smartwatches and fitness wearables could be securely stored and gave people control over their health information as part of preventive healthcare. Or imagine playing a move to earn game where tracking your steps or green transportation commute could earn token rewards as part of leveling up in the game. We call this future the machine economy where data from smart devices can be used as financial incentives to users.
We are excited to announce our investment in MachineFi Lab, the core developer of IoTeX — a leading cryptocurrency blockchain that powers IoT devices like cameras and sensors to decentralized applications. IoTEX was founded in 2017 with a team of alumni from Google, Facebook, Uber, Bosch, and Intel.
MachineFi Lab has built developer infrastructure and tools including an EVM blockchain for smart contracts, multi-chain wallet, cross chain bridge, onboarding platforms, and SDKs (software development kits). These infrastructure capabilities will enable developers to build decentralized applications that focus on the machine economy faster, securely, and more easily.
The founding team brings technical depth and industry vision, including Raullen Chai, CEO and Co-Founder. Raullen, previously an engineering lead at Google and head of cryptography at Uber, is a strong contributor and supporter of the Xoogler.co web3 community. As a result, we have seen firsthand his strong expertise and leadership. He also holds a Ph.D in Electrical and Computer Engineering from the University of Waterloo.
We believe that Raullen and the founding team are uniquely positioned to bring on the next billion devices to web3. Xoogler Ventures is excited to join them on this journey!
Howard Tung, Xoogler Ventures GP