NEW YORK, June 19, 2018 (GLOBE NEWSWIRE) — Augmate today announced a significant partnership with Reflective Venture Partners, a venture fund partnered with RChain, paving the way for Augmate to develop its product on one of the most robust blockchain protocols. While Augmate remains platform agnostic, building on RChain’s highly decentralized system and concurrent processing features make it ideal to further establish its offering.
“RChain’s investment introduces another impressive and proven partner into the Augmate story,” said Augmate CEO and founder Pete Wassell. “The RChain cooperative’s stated goal of building a better blockchain architecture exemplifies our shared vision for the connected world.”
Augmate continues to work toward accelerating the use of blockchain and distributed ledger technology within its platform. The company has already developed the first Wearable Environment Management platform (WEM) and will be incorporating decentralized technology amid the proliferation of more and more connected IoT devices.
“We are thrilled to form this technical partnership with Augmate,” said Greg Heuss, Managing Partner at Reflective Venture Partners, the investment firm seeded by RChain. “We believe the IoT space is in need of formalization, standardization and sound technology rails, making the impressive Augmate team the perfect fit.”
Mrinal Manohar, Venture Partner at Reflective and Augmate board observer, said, “We’re excited to be working with Augmate, because we think they’re a visionary in the space and the perfect use case to show the strengths of the RChain Platform.” He added, “We’re looking forward to an exciting, long-term partnership with a team we are happy to work with.”
The significant investment which is a part of Reflective’s partnership comes in a hybrid model of cash and tokens, for which it will obtain preferred equity and Augmate’s MATE tokens.
Augmate is the first company to develop a blockchain agnostic IoT device management platform. https://www.augmate.io/
RChain is a fundamentally new blockchain platform rooted in a formal model of concurrent and decentralized computation. The RChain Cooperative is leveraging that model through correct-by-construction software development to produce a concurrent, compositional, and infinitely scalable blockchain. Please visit developer.rchain.coop for more information.
ABOUT REFLECTIVE VENTURE PARTNERS
Reflective Venture Partners is a privately held and operated investment fund seeded by the RChain Cooperative. It is committed to strategic partnerships and helps fund, incubate, coach, and ultimately build the next generation of blockchain and dApps innovation through RChain and its network. http://counterpointeventures.com
Joe Checkler, Peppercomm