The South Korean enterprise blockchain provider Blocko, which is also known for being backed by tech giant Samsung, has recently secured a $16 million funding from Asia. The company has a presence in the UK, Hong Kong and South Korea. Now, after a partnership with the SEED Group, a member of the private office of Sheikh Saeed bin Ahmed Al Maktoum, they have opened their doors to the United Arab Emirates (UAE).
Blocko looking to relive past glory
The company was able raised $8.9 million in funding in June 2018 having established a presence in South Korea, UK and Hong Kong. They secured an additional $7.44 million in a series B funding round from Shinhan, Korea’s oldest bank, alongside KEB hana Bank, LB Investment and Dadam Investment in August this year. Blocko has previously seen a lot of success with its Aergo, an operating platform that implements hybrid public-private blockchain technology, in the Asian and European province, now they aim to replicate that in UAE. Phil Zamani, CEO of Blocko, said:
“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East in particular is seeking practical solutions.”
Blocko currently supports more than 20 enterprise clients and their goal is to achieve 25 million daily users by aiding government bodies and large enterprises. The organization rose to fame after it completed 38 full-scale enterprise blockchain solutions in South Korea for various companies like Hyundai motors, Samsung and Cisco. They aim to keep building via the SEED partnership.
Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, commented on the partnership:
“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses.”
The UAE government launched the Emirates Blockchain strategy 2021 back in April 2018, the blockchain strategy aims to generate a savings of $3 billion in transactions and documents processing costs as well as eliminating 398 million hard copies and 77 million work hours.
Gurg further said:
“The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we recognised the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security.”