NeoSwap AI, a Richmond, Virginia-based startup that provides a multi-user trading market for non-fungible tokens (NFT), secured $2m in pre-seed funding at a $15m.
In addition to Digital Asset Capital Management (DACM) and AngelHub, Gossamer Capital, Cavalry Asset Management, Stacks Ventures, Dhuna Ventures, and several angel investors participated in the round.
With its multi-party, multi-item trading platform powered by artificial intelligence, NeoSwap AI aims to change business.
@NeoSwap_AI has now raised $2M in pre-seed funding.
Excited to keep building and unlocking value with personalized and efficient trade discovery. It's just the beginning of our journey to revolutionize commerce with our #AI-powered platform. https://t.co/22xpA79nEd #NeoSwapAI pic.twitter.com/nyJ8sQEBm4
— NeoSwap AI (@NeoSwap_ai) February 24, 2023
Richard Galvin, Co-Founder and CEO of DACM, said, “A key promise of blockchain disruption is to provide the technology for the world’s trading settlement layer. NeoSwap is creating a novel yet compelling use of this settlement layer to enhance liquidity and utility amongst non-fungible assets.”
In contrast to conventional centralized approaches that necessitate more liquidity, its patented algorithms enable efficient trade discovery using digital assets and little money.
Also, the startup recently hosted the world’s first intelligent NFT Ordinals auction for Brian Laughlan, the man behind the well-known “Satoshibles” NFT project.
NeoSwap helps people to come together in groups and reassign ownership of NFTs
In March 2022, NeoSwap was established. It was spun off from Ennis’ previous company, Aigora, where he served as president and founder from 2019 until 2022. Several more employees quit the AI company when NeoSwap was created and started working there.
Ennis, who holds a degree in mathematics, claimed that the decision to spin out the business was made after NeoSwap took part in an accelerator program supported by the blockchain firm Stack.
He is the sole worker in Richmond. Hamza Diaz and Kuba Kwiecien are additional founders. At Aigora, where they held the positions of Director of Technology and Head of AI, respectively, Dr. Ennis collaborated with the other two co-founders.
Kieran Parker-Moroney, the Chief Strategy Officer, and Pawel Kurzeja, the ex-IBM Chief Operational Officer, are other founding team members.
“NeoSwap is transforming the world economy through personalized, accessible, and efficient trade discovery. We believe the ideas inside NeoSwap will prove as valuable as the steam engine for unlocking latent but previously inaccessible economic value,” said Dr. Ennis.
