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Animoca Brands Corporation Limited (ASX: AB1, the âCompanyâ) is happy to inform that its subsidiary Zeroth has entered into a strategic partnership with AI incubator DEEPCORE. Deepcore is a wholly owned subsidiary of global technology player SoftBank Group Corp.
In order to boost equity exposure to industry-leading AI and blockchain startups, their talent, and their technology, the company acquired Zeroth.
Zeroth which is one of the worldâs first AI accelerators, provides a cutting-edge technology AI (artificial intelligence) and machine learning has entered into strategic partnership on 19 November 2018, with Deepcore Inc which is as Tokyo based incubator and VC (venture capitalist) which is moving ahead towards the artificial intelligence and trying to unleash the capability of technology visionaries.
According to the partnership, both the companies are supposed to share the deal flow. They also need to share their expertise as well as the information related to technology investment that is required in the Asian markets. Both the companies need to bring respective communities together in order to grow the AI founder community over the upcoming few years.
Mr. Paul Pheby was also welcomed as a partner of Zeroth today. Mr. Pheby earlier used to work in London, Japan, and Asia. He was associated with various investment banks like Citibank, Peregrine, and Salomon Brothers. Under his leadership, a first foreign joint venture investment bank as well as the asset management company was established in Seoul, Korea. In due course of time, he founded Lotus Asset Management in Hong Kong. Currently, he is also working as a partner in Midas Asset Management Korea and is also establishing investor there.
Zeroth is considered as the worldâs first accelerator; whose main aim is towards the artificial intelligence and machine learning. It invests in those startups where it sees the high potential and it also supports these startups in terms of operations, building strategies and networking to investee companies for developing their business. There are also some blockchain based companies where Zeroth has made investments.
As of now, Zeroth has boosted three partners and a total of 33 companies. It has also obtained a 6% stake in each. There were around 8 companies which focused on blockchain technology where Zeroth made investments. After graduating from the Zeroth acceleration program, these companies which moved ahead to raise funds from various venture capital firms like Mizuho Venture Capital, Horizons Ventures, KB Investments, Portag3 Ventures, and Aeternity Ventures.
Earlier Zeroth did not want to continue with Animoca Brands as an angel investor. The CEO of Zeroth, Tak Lo feels humbled to work with Deepcore with whom they are sharing a vision of future of artificial intelligence, its impact on technology businesses and its chance to solve humanityâs great problems. On the other hand, Katsumasa Niki who is the CEO of Deepcore, believes this partnership to be a positive step to look beyond its capabilities. Both the companies are looking forward to working closely to follow their shared vision to support the artificial intelligence founders across the globe especially in Japan.
Since morning the share price of the company increased by 4.706% and traded at A$0.089 per share (AEST: 3:54 pm) with the market capitalization of A$51.73 million.
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