Venture capital firm Cypher Capital, along with data exchange platform Ocean Protocol, has set up an ecosystem fund, under which it will be allocating five million dollars to invest in Ocean Protocol projects.
“We are looking forward to be investing in projects together with Ocean Protocol. We will support data marketplaces backed by corporations that are integrating Ocean Protocol into their data-driven business models and building applications tailored for data services through the Ocean Protocol platform,” Bijan Alizadeh, co-founder and partner, Cypher Capital, stated.
As per Cypher Capital, its investment team will review and evaluate Ocean Protocol’s proposals, off of which decisions will be made. The five million dollar investment will be spread out across 20 projects over 24 months, or two or three investments of a quarter-million each per quarter if a project is recommended by the Ocean Protocol team.
“Our interests are aligned with the mission of Ocean Protocol as it creates a decentralised data exchange platform for publishers and consumers across the globe. We look forward to the role of data and artificial intelligence (AI) in solving global issues through opportunities to access and harness data,” Vineet Budki, managing partner and CEO, Cypher Capital, said.
Ocean Protocol aims to unlock a new data economy by breaking down data silos and making quality data accessible. “Ocean’s marketplace technology allows data to be published, discovered, and consumed in a certain manner. It gives data owners the right to share and monetise data without losing control,” the company said in a statement.
Cypher Capital’s commitment to invest in the Ocean Protocol ecosystem is a recognition of the potential of a new data economy and Ocean’s role in the space, Bruce Pon, founder, Ocean Protocol, said. “The Ocean ecosystem has generated a pipeline of projects which are nearing viability for seed funding. Meanwhile, Cypher Capital brings connections with the Middle-East, North-Africa and South-Asia ecosystem. With Dubai accelerating its push to be the node for global crypto-innovation, Cypher Capital’s resources, and the innovation emanating from the Ocean community, we look forward to seeing the next wave of adoption focused on data,” he stated.