ChainLab, a Tel Aviv-based developer of Wings, a decentralized network for creation, participation and management of Decentralized Autonomous Organizations (DAO), raised a strategic seed investment of undisclosed amount.
Bitmain Technology, a bitcoin hardware mining producer, made the investment.
The funds will be used to advance the development of Wings platform prior to the Wings DAO launching, which is expected to occur by the end of Q2 2016.
Founded by Stas Oskin, Sebastian Stupurac, and Boris Povod, ChainLab is advancing Wings, a multi-blockchain, smart contract-based platform for DAOs. The system is realized by the integration of Ethereum smart contracts network, the RootStock Bitcoin Virtual Machine (RVM), InterPlanetary File System (IPFS), and 3rd party chat and instant messaging networks.