DAV, the blockchain startup building a decentralized network for self-driving vehicles, announced on Tuesday that it has successfully secured a substantial investment from South Korean-based Block Crafters Capital.
The investment firm carefully selects blockchain projects to provide comprehensive support, with the most recent previous investment ICON token sale, made in September 2017, raising USD 45 million.
South Korea is emerging as a world leader in the autonomous vehicle industry, enhanced by the 88-acre K-City testing facility where real-world obstacles like suburban streets, bus lanes, freeways and parking areas are simulated for self-driving safety and development.
Partner at Block Crafters Capital Joony Koo said, in a statement, “We believe that the DAV Foundation has a clear vision about how blockchain tech can be a backbone to all vehicles in the future. Adding DAV to our portfolio shows our capabilities for introducing foreign-born blockchain projects to the market. We believe that all blockchain and coin economies need a global perspective. Autonomous vehicle technology is a major field of investment in South Korea. It attracts significant support from the government as well as the global vehicle manufacturers which are headquartered in Korea. DAV’s technology has the promise to be a key part of the revolution in transport and logistics.”
CEO and founder of the DAV Foundation Noam Copel said, “For us, South Korea is an extremely valuable market. Its automotive industry is at the cutting edge of autonomous vehicle technology with multiple proof of concept programs in progress. On top of this, the country has embraced blockchain and cryptocurrencies. Therefore to have the support from a major cryptocurrency fund in South Korea is extremely exciting ahead of our public token sale. This substantial investment is an important step in our funding round that will enable us to realize our goal of creating a blockchain-based transportation platform. I look forward to working with our investors in the coming months as we bring the DAV network to the world.”
DAV will launch their token crowdsale on April 30. The presale is currently live.