Both partners will invest up to $10M in equities and tokens building around the XYO ecosystem, totaling up to $20M
SAN DIEGO--(BUSINESS WIRE)--XYO, a tech startup creating location-data software and devices to empower users to participate in the worldwide digital economy, is pleased to announce a strategic co-investment with Outliers Fund, a collective of joint research initiatives and venture funds with top blockchain ecosystems, to develop and accelerate projects building in XYO Network.
Founded in 2018, XYO Network is the world's first blockchain geospatial oracle network backed with cryptography. XYO's decentralized network of devices anonymously collects and validates data associated with geography, temperature, humidity, and even speed, among other components.
This partnership will fuel the growth of companies utilizing the XYO Network, as long as the investment target is approved to be creating values and a positive impact on the XYO ecosystem. Use cases for expanding the XYO ecosystem include bank verifying identity, location verified reviews and custody of supply chains.
"The growth in popularity of geospatial data is showing no signs of slowing down, and XYO and XY Labs are committed to continuing to build out this necessary infrastructure to further develop our ecosystem," said Markus Levin, Co-Founder, XYO. "Our work with Outliers Fund will leverage their top-notch research and venture experience, enabling companies building on XYO to continue paving the future of geospatial blockchain projects. It's an exciting time to be at the forefront of this technology."
Originally a special interest group for SciFi-inspired research at Massachusetts Institute of Technology and Harvard University, Outliers has evolved into a collective of Outliers Fellowship, Outliers Lab, and Outliers Fund for scaling the impact of outliers – those who turn science fiction into scientific facts. Its collective research foundation, venture experience, and track records have turned its community into a venture accelerator, backing the outliers that drive the future.
"We are thrilled to be partnering with XYO and XY Labs on this endeavor to bring more geospatial projects to life," said Poseidon Ho, Co-Founder of Outliers Fund. "This investment partnership is monumental and signals the tangible need for XYO's mission – to create a trustless system of location oracles that can improve our current location data systems we use today."
XY Labs and Outliers Fund will each invest up to $10M in equities and tokens building around the XYO ecosystem, totaling up to $20M. The investment amount and the investment returns will be calculated based on USD or stablecoins.
To accelerate the growth of the XYO ecosystem, XY Labs and Outliers Fund will also define a joint research initiative and co-author at least one research publication together each year in the next five years.
For further information, please send an email to partnerships@xyo.network.
About XYO and XY Labs
XYO / XY Labs is a tech startup in California with a mission to create software and location-data-driven devices to build a global data network focused on people's dataist relationship to the physical world. XY Lab's products include the COIN app, and the company launched XYO. With over 4 million nodes brought online for the XYO network, users around the world can participate on the network and even get monetarily rewarded for doing so.
About Outliers Fund
#OUTLIERS was originally a special interest group for SciFi-inspired research at MIT & Harvard. In the past 5 years, it has evolved into a collective of Outliers Fellowship (0-1), Outliers Lab (1-10), and Outliers Fund (10-100) for scaling the impact of outliers, those who turn science fiction into scientific facts. With its collective research foundation, venture experience, track records, its founders left from world-class research institutes to found their own ventures, in turn building the Outliers community into a venture fund/accelerator, backing the outliers that drive the future.
Contacts
Sarah Krieger
On Behalf of XYO and XY Labs
sarah.krieger@wachsman.com
