COSIMO Ventures, an investment firm focused on deep technology companies, today announced a commitment of USD 3 million in seed funding for UK-based Oneiro, a blockchain and cryptocurrency developer.
COSIMO’s strategy is to address governance and infrastructure issues that it believes contribute to volatility in the use and management of digital currencies worldwide, according to the company’s statement. Oneiro is developing technology to enable decentralized, secure and dependable cryptocurrency. COSIMO has offices in Boston and Dublin and Oneiro is establishing its operating headquarters in the American city and will have part of its core technology development team based in the Irish capital. This trans-Atlantic siting is in keeping with COSIMO Ventures’ strategy of supporting collaboration and new-company growth between UK/Ireland and the US, says the statement.
“We believe that Oneiro will bring the potential of the cryptocurrency market into a completely new realm, as the acceptance and use of digital currencies becomes more mainstream,” said Ciaran Hynes, Managing Partner at COSIMO Ventures, in a statement. “We are impressed by the experience and forward thinking of the team at Oneiro. This is one of the most exciting projects we’ve seen, and we’re pleased to support them as part of COSIMO’s investment strategy to offer unique technology solutions for the commercial markets.”
COSIMO also states that it is committed to partnering with promising early stage deep technology companies in the blockchain and cryptocurrencies sectors, as well as in the artificial intelligence, Internet of Things (IoT), virtual reality, augmented reality, and big data industries.
This is the second investment COSIMO has made in the blockchain and cryptocurrency sectors within the last month. The first was in GECKO Governance, a blockchain solution for financial services and regulatory compliance.