Xain, a Berlin, Germany-based blockchain and AI startup, secured approx. €6m in seed funding.
The round was led by Earlybird, with participation of international strategic investors – especially from Asia.
The company intends to use the funds to continue to develop its platform, scale up activities, hire about 10 additional employees, mostly software engineers, and fully develop and launch their product.
Led by Felix Hahmann, COO and Co-Founder, and Leif-Nissen Lundbaek, CEO and Co-Founder, Xain is a Blockchain and AI startup that develops a cybersecurity protocol through which machines, devices, and humans can control access to data and resources in the emerging Internet of Things. This protocol puts owners of resources into full control of their data and devices, and allows them to delegate access to others.
The protocol can integrate with enterprise systems that manage data and identity, and facilitates compliance with privacy regulations such as GDPR.
Following the investment, Dr. Christian Nagel, Managing Partner at Earlybird, joined Xain’s supervisory board.