Blockchain Firm Nucleus Vision Raises $40M USD, Cancels ICOFebruary 27, 2018
Blockchain firm Nucleus Vision has reached its $40 million hard cap with the backing from several prominent blockchain-focused investment firms. Investors include Alphabit Digital Currency Fund, FBG Capital, Kenetic Capital, Turiya Ventures, and BlockAsset. The new capital will be used to further develop its platform.
Founded in 2014 at Harvard University, Nucleus is a blockchain and Internet of Things (IoT ), contactless identification system, using nCash cryptocurrency to enable transactions across retail ecosystem. Nucleus is an end-to-end technology solution that captures and provides previously un-accessed data to retailers and other ‘brick and mortar’ businesses through its proprietary blockchain and real time sensor technology.
Nucleus currently has 19 ‘ION sensors’ deployed in 10 live retail establishments, supporting a valuable data network for unique visitor IDs and corresponding user data. Its proprietary IoT sensor technology doesn’t depend on any radio-frequency identification (RFID), WiFi, bluetooth, or even facial recognition technologies to operate.
The company initially aimed to raise $60 million in its initial coin offering (ICO), but after listening to its advisors and community members, they decided to lower its hard cap to $40 million. However, due to the meteoric rise of ethereum prices, the company decided to forego its public ICO in the interest of a responsible fundraising effort and list its nCash token directly on exchanges.
Nucleus Vision CEO Abhishek Pitti called the support of the investment firms a critical step forward in accomplishing their mission to transform the retail industry with blockchain technology.
“Their extensive knowledge of the blockchain space will prove to be an invaluable asset to Nucleus Vision as we apply this technology to transform the customer experience in retail stores around the world,” said Pitti.
Alphabit CEO Liam Roberston said they were proud to support the vision of Nucleus. He said the team had the necessary experience and expertise to execute on their mission.
“By leveraging blockchain technology to make critical improvements to the retail space, Nucleus Vision is one of the most far-reaching and revolutionary projects in the blockchain space to date,” said Roberston.
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