Feb. 19, 2019
Iota Foundation has partnered with Nova, a Liverpool-based co-foundery, to launch a seed fund that will help companies launching distributed ledger startup companies, according to a blog from the foundation.
Iota will work with startups using its Tangle distributed ledger technology, providing them access to its test lab, granting them access to its mentoring program and offering access to its team of more than 20 startup consultants.
Iota's technology is currently being deployed in a range of industries, including digital healthcare, energy, mobility, global trade, supply chains, smart cities, telecom and media.
"The Tangle network overcomes many of the limitations and inefficiencies of blockchain technology, and as such, has huge potential to transform machine to machine transactions that are at the core of IoT," David Sonstebo, co-founder and co-chair of Iota, said in the announcement.
Nova has co-founded more than 80 tech startups, and more than 50 percent of those companies are still operating after more than three years, which contrasts with the usual 10 percent success rate of startup firms, according to the blog post. Nova has launched companies primarily in healthtech, fintech and eGaming.
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