AI firm Savedroid launches ICO
German artificial intelligence (AI) savings technology firm Savedroid is using the booming interest in cryptocurrencies to raise capital: both crypto and conventional, reports David Penn at Finovate (FinTech Futures’ sister company).
On the crypto-fundraising side, Savedroid notes that the pre-sale of its token featured more than 3,800 backers and sold out within seven hours.
“Savedroid’s vision to connect the technical crypto world with the average user by leveraging the latest technology to provide easy access to crypto currencies has convinced me,” says crypto entrepreneur Dennis Weidner, an investor in the company. “Given their track record and the experience of the management team I want to support the successful scaling of the business model with my investment and thereby realise my dream of a unique and independent crypto ecosystem.”
On the more conventional fundraising side, it announced a new equity investment of $1.84 million (€1.5 million) from the Investment and Economic Development Bank of Rheinland-Pfalz (ISB), Weidner, serial fintech investor Alfred Schorno, and others.
The new funding will be used to help grow its technology and operations to better support crypto saving and investing. The company’s total capital stands at more than $4.29 million (€3.5 million.)
Founded in 2015, and headquartered in Frankfurt am Main, Savedroid says its app enables users to improve their lifestyle and savings at the same time.
The company’s recent embrace of cryptocurrencies is designed to democratise cryptocurrency savings and investment by providing ready access to cryptocurrency-based savings and investment plans including portfolios, futures, and ICOs.
It anticipates making its cryptocurrency-based savings plans available in mid-2018, with switching and credit card payments added in 2019, and smart investments in crypto-based portfolios, derivatives, and ICOs to be integrated in 2020.
