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Blockchain startup ChainLab announces undisclosed seed investment from Bitmain

ChainLab, a Tel Aviv based blockchain start-up, has announced that it has received seed funding from Bitmain Technology, the world’s leading bitcoin hardware mining producer. The amount raised has not been disclosed.

The startup is behind the development of Wings – the first multi-blockchain, Smart Contract based platform for creation, participation and management of Decentralized Autonomous Organizations (DAO). The novel system is realized by the integration of Ethereum smart contracts network, the RootStock Bitcoin Virtual Machine (RVM), InterPlanetary File System (IPFS), and 3rd party chat and instant messaging networks.

“Bitmain invested because we see a great team and we look forward to seeing Wings grows into a successful platform for launching DAOs over Rootstock and Ethereum, being an accelerator for the innovation on the public blockchain”, said Jihan Wu, Co-Founder of Bitmain.

ChainLab intends to use the seed funding to advance the development of Wings platform prior to the Wings DAO launching, which is expected to occur by the end of Q2 2016.

“Bitmain showed great interest in the team, thus placing their trust in the identified human potential and experience behind ChainLab. The seed investment in the company followed soon after and it has played an important role in our evolution”, said Sebastian Stupurac, CEO of ChainLab.

The startup is currently focusing on creating a public Proof of Concept of the Wings that will demonstrate its vision of how the creation, participation and management of DAOs should be an effortless and intuitive process, convenient and accessible to all.

Wings will enable anyone with a smartphone to participate in DAOs. It seeks to make the process of launching and participating in DAOs quick and intuitive, without the need for prior knowledge in smart contracts or coding. It achieves this by hiding all the complexity within a conversational user experience of decentralized artificial intelligence chat bots that interact with DAO creators. For DAO members, on-the-go DAO participation and management is realized through the use of the same chat bot interface in popular messaging applications.

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