Lockchain.ai, an artificial intelligence startup based in Athens, launched with the aim of revolutionizing risk management in the blockchain sector. Founded by Andrew Howard and Aiden Kehoe, the startup has secured initial funding of $4.6 million, a testament to the innovative vision of the company.
The team at Lockchain.ai is looking to expand the understanding and application of AI in the blockchain industry by developing solutions that reduce risk and increase transparency. They aim to utilize the predictive capabilities of AI to transform risk management processes within the blockchain sector.
You could say that their timing is significant. The crypto market, especially Bitcoin, is gaining momentum. It’s believed that digital currencies like Bitcoin and Ether will play a large role in the future of finance, impacting everything from e-commerce and investment to luxury goods and gaming.
Despite challenges during the “crypto winter”, the co-founders of Lockchain.ai remained resilient and focused.
Integrating AI in blockchain risk management
They saw this as an opportunity to strengthen their business foundation and attract investors who had faith in the future of cryptocurrency. Their determination paid off, pulling in an investor group that shared their vision.
In the initial funding round, Lockchain.ai earned the backing of New York-based venture firm Lerer Hippeau, known for supporting successful businesses like Allbirds, BarkBox, and Casper. Lockchain.ai aims to meet the needs of cryptocurrency traders, hedge funds, and asset managers through its platform that employs AI to monitor security incidents with digital assets and provide real-time data for investment decisions.
Lockchain.ai collaborated with OpenAI to develop its AI model, using vast amounts of on-chain and off-chain data. The result is a comprehensive risk management system that supports traders in their decision-making process. This innovative system, designed with cutting-edge technology, is expected to shape the future of trading.
The team at Lockchain.ai comprises about 20 regular and contract employees, including interns from the University of Georgia. The startup plans to secure more funding to facilitate growth and enhance the capabilities of its AI model, which may include predictive features and regulatory tools.
