AI Grid Foundation Receives $20-Million in Investment for ELONCITY

2018-10-2 17:19

Opening new frontiers to a world that runs on safe and sustainable power, the ELONCITY model of AI Grid Foundation provides reliable and affordable energy to all. In a recently closed funding round, the project received $20 million in investment from several prominent companies, venture capitalist firms, and private investors.

The funding round saw OK Blockchain Capita, Powerlink Labs, GVC.PE, Krypital Group, LD Capital, Decentrust Capital, Fenbushi Capital, Collinstar Capital, JRR Crypto, Qingzheng Capital, Starwin Capital, Ceyuan Digital Assets, Interblock Capital, Horman Capital, and Fly Fund participating in the fundraising.

Improving Community Lives With Blockchain

As dependence on fossil fuels to power cities is extremely high, the world’s climate also faces several detrimental effects, which eventually creates a hotter planet with irreversible ecological damage.

The Singapore-based nonprofit AI Grid Foundation advocates the use of renewable energy around the world, powered by a decentralized network. It has worked with several organizations worldwide to develop ELONCITY model, a “community-based and consensus-driven approach that employs decentralized renewable energy resources” for equitable, universal, and affordable electricity.

The ELONCITY model depends on a blockchain-based network for safe distribution of power. It focuses extensively on sustainability and fulfilling long-term goals of improving communities globally.

Internet and Technology Veteran Leads the Way

Founder of AI Grid Foundation Andy Li previously worked with ChinaCache, who helped to create a content distribution network (CDN) Internet infrastructure. He was also involved with the Chinese retail giant Alibaba and led its Cloud Computing Data Center Architecture team. There, he pioneered the application of direct current (DC) power systems for large Asian data centers. He also worked with Cisco to provide more efficient network traffic engineering solutions.

Since the past four years, he has also been involved with POMCube Inc. to develop intelligent network battery energy storage systems (BESS). Li’s team has already used the BESS technology in residential and commercial buildings. Now POMCube will be one of the technology partners of the AI Grid Foundation in demonstrating the ELONCITY Token Protocol and testing the ELONCITY microgrids. Currently, a state-of-the-art blockchain smart contract platform is being developed by Li’s team that would let users exchange renewable energy.

Additionally, AI Grid Foundation is partnering with GREE Electric Appliances, the largest manufacturer of HVAC. The two could collaborate to drive market-wide adoption of DC-powered HVAC systems.

AI Grid Foundation Receives $20-Million in Investment for ELONCITY was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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