Mentioned:
There’s a new startup in Silicon Valley building blockchain technology for robots. And Coinbase and Pantera are getting behind it.
What’s happening:
- San Francisco based robotics software startup OpenMind has raised $20M USD in a new Series A financing
- The new funding round was led by Coinbase (NASDAQ: COIN) and Pantera
The big idea:
- OpenMind has developed a decentralized technology platform known as FABRIC that is designed to enable communication and coordination between robots powered by artificial intelligence
- FABRIC is capable of being used by any type of robotics hardware and leverages blockchain technology to allow robots to share data, locations and coordinate actions securely and in a way that is fully verifiable
Why it matters:
- This is the first time ever that Coinbase has invested into a company building software for robotics
Going deeper:
- Multiple other prominent crypto venture capital funds also participated in OpenMind’s Series A financing round, including Ribbit Capital and Barry Silbert’s Digital Currency Group
