The rise of blockchain and artificial intelligence (AI) are two of the biggest technology trends this year. For us, our requests could include understanding the weather or finding out about a song, setting up for appointments, etc. However, I’m sure you already know that it powers innovation across almost every industry, and is yet capable of so much more.
Sale of VAI Tokens
In layman’s terms, Artificial Intelligence (AI) are machines built to perform intelligent tasks that have traditionally been accomplished by humans. As for Blockchain, it is essentially a technology that allows for the encrypted storage of data on a distributed ledger.
A Valletta-based startup, VAIOT, that combines AI and blockchain to digitise business processes across industries, has raised €5M in its seed round of funding through a private sale of its VAI Tokens.
VAIOT’s seed and private sale have allocated close to 30% of the VAI Tokens to investors who support the project long-term. VAI Token is the digital currency of the VAIOT platform, set to incentivise the users to utilise the company’s solutions. VAI Tokens will initially use the Ethereum token standard and eventually be mirrored on a proprietary blockchain.
Modus Operandi
VAIOT develops purpose-built Intelligent Virtual Assistants (IVA) to help companies to move processes to AI-powered channels, as well as VAIOT-labeled IVA delivered directly to consumers. It combines AI and blockchain to create new ways of digitally accessing services and securely concluding legal agreements.
Christoph Surgowt, CEO of VAIOT says, “With this funding, we are equipped to deliver a product that can transform how businesses conduct their processes, and be of tremendous value to consumers. Putting the competency of AI into the hands of businesses and consumers will boost digital transformation across the board.”
The startup ultimately plans to take the concept of a smart personal assistant and combine it with the unique skillset and knowledge possessed by lawyers. It aims to build an AI legal assistant for consumers and enterprises, providing legal services, including digital, blockchain-based contracts.
VAIOT’s first assistant will service the car insurance industry and is projected to be presented by Q3 2020. It also aims to expand its technology into the broader market. The solution is built to be customised and adjusted to suit almost any industry and a wide set of business processes.
Image credits: TippaPat/Shutterstock
