The Boston based blockchain solution Company, Oneiro has announced in a press release on 3rd October, that it had secured an investment worth $5 million from Cosimo Ventures. Cosimo Ventures is an investment firm associated with cryptocurrencies, the Internet of Things (IoT), and blockchain-like things. The investment was made in a Series A funding round. This is the second investment round by Cosimo to Oneiro, the first being a seed round which was held in February 2018, worth $3 million, thereby making the total amount of investment stand at $8 million till date. The company wrote that with the help of these funds, it intends to provide additional services to high profile clients (e.g., Axiom Foundation).
However, this is not the first time that the two companies are joining hands. In the past, Cosimo Ventures and Oneiro collaborated to launch ndau, which is a buoyant digital currency that works parallelly with stablecoins. As such, ndau addresses the pain points like inflation risks and effectively mitigates the volatility associated with the crypto market. It is the only virtual currency that is optimized for long term value storage. Ciaran Hynes, managing partner of Cosimo ventures said,
The Oneiro team has made significant progress this year, and these new funds will allow the team to further develop multiple blockchain technologies, extend into the crypto ecosystem, and accelerate the adoption and use of various blockchain applications, including digital virtual currencies such as ndau.
To add to its success, Oneiro has made another important announcement to appoint Dhesi Ananchaperumal to be the acting CEO, to lead the next growth phase for Oneiro. Dhesi Ananchaperumal has vast experiences in blockchain start-ups; as such, his past experiences will allow him to drive new partnerships and innovations. His experiences in various integrated software technologies will help him in identifying new opportunities that leverage core competencies in blockchain development.