Blockchain VCs invest $20m in Singapore's AI Grid
A group of VCs specializing in blockchain-related investments has backed a $20 million round for The AI Grid Foundation, a Singapore-based company that promotes decentralized renewable energy usage.
Participants include OK Blockchain Capital, Krypital Group, Starwin Capital, Fenbushi Capital, LD Capital, Horman Capital, Collinstar Capital, Interblock Capital, JRR Crypto, Fly Fund, Qingzheng Capital, Decentrust Capital, Powerlink Labs, Gravity Capital, and Ceyuan Digital Assets.
According to a statement, the investment will focus on the development of AI Grid’s Eloncity program, which aims to remove barriers to universal, safe, secure, reliable, affordable, healthy, and equitable electricity services through a community-based approach.
This work is expected to focus largely on the use of a blockchain smart contract platform to modernize the operation of heating ventilation and air conditioning (HVAC) systems, which is said to represent one of the biggest challenges facing the energy sector. AI Grid is currently partnering with Chinese HVAC manufacturer Gree Electric Appliances in this effort.
Other recent activity in this segment includes a $30 million token sale by Singapore-based Electrify that included participation from Japan’s Global Brain. Electrify operates a blockchain-enabled platform that lets customers purchase electricity for their homes on a peer-to-peer basis. The idea is to improve economies among electricity retailers and consumers by digitizing and simplifying payment processes.
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