Blockchain startup XAIN AG have secured 6 million Euros in seed funding in a round that was led by Earlybird Venture Capital, a tech-centric VC firm headquartered in Berlin.
XAIN AG won Porsche’s Blockchain Innovation Contest last year, partnering with the sports car firm to pilot blockchain technology for car access and user profiles. Now, the former Oxford University-based firm are looking to expand their use cases for their user access control tech – some of which can be found on their website.
Dr Christian Nagel, a managing partner at Earlybird, will join XAIN AG’s supervisory board, and had this to say on the new partnership:
What Leif, Felix and the team have developed over the last year is hugely impressive, and we’re excited to be working together to create a global market leader. XAIN is a great example of the type of founder-led, deep tech based business that we like to invest in.
XAIN will use much of their investment to scale up their operations, focusing on the hiring of software engineers, with the aim of launching their product at the end of the year. Meanwhile, Earlybird’s investment portfolio continues to go from strength to strength, with the firm boasting over 850 million Euros under management since its founding in 1997, cementing its position as one of Europe’s leading VC firms.