KR1 says portfolio project Automata completes US$2.4mln strategic funding round

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KR1 PLC (AQSE:KR1) said its portfolio project Automata has completed a US$2.4mln strategic funding round, which included participation from IOSG Ventures and Jump Trading.

The digital asset investment company also participated in the round, investing a further US$200,000 into Automata in exchange for 5mln ATA tokens.

READ: KR1 says German and US listings are without its endorsement

This investment comes in addition to KR1’s seed round participation, announced in March 2021. Across both funding rounds, the company now holds a total of 15mln ATA.

Automata Network is a decentralised service protocol that provides a privacy middleware layer for multiple platforms to achieve privacy, high assurance and frictionless computation.

The Automata team recently launched their first product ‘Witness’, an off-chain governance solution for voters that do not wish to reveal their identity while participating in governance at zero cost, which supports Ethereum, Binance Smart Chain, and other Substrate-based EVM-compatible chains.

In addition, Automata Network is also developing a ‘Miner-Extractable-Value’ minimisation solution, ‘Conveyor’, which aims to solve the front-running issues as it ensures that transactions  are arranged in a way that makes it impossible for malicious actors to exploit other participants.

“From Automata’s technical progress to the partnerships made one after the other with the industry leading projects, it is apparent that Automata has both the vision and the ability to execute,” said Keld van Schreven, managing director and co-founder of KR1, in a release.

“Our support of Automata Network speaks to our commitment to the sustainable development of a privacy-focused decentralised web, and we look forward to seeing more great work from the team.”

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