Decentralized Prediction Platform Cindicator Successfully Raised $15M During ICO
| Updated by Anastasiya Vanyukevich · 3 min read
Blockchain startup Cindicator raised $15 million during token sale to build the decentralized analytics platform powered by hybrid intelligence.
Artificial Intelligence has long been predicted to become the holy grail of financial forecasting. Nowadays, many authoritative banks rely on AI-based algorithms when it comes to predicing the performance of an asset — even market as a whole.
However, until now AI technologies have been a priviledge of the large companies as a rule, remaining mostly inaccessible to the general public. Launched in 2015, Cindicator, a startup company which builds a decentralized analytics platform powered by so-called hybrid intelligence, a symbiosis of collective wisdom and AI, is going to change the tendency.
“Cindicator has compiled a proven track record in market analysis. It took part in the first batch of the Moscow Exchange FinTech incubator from November 2016 through March 2017, and Cindicator finished that trial by being ranked as the top-performing startup. Beginning in January 2017, the Cindicator project has performed test integrations with 11 hedge funds and 3 banks,” the company told reporters some time ago.
Cindicator now announced on its blog on Medium that its crowdsale campaign has been successfully finished. Eventually, over 4,000 people joined the ecosystem during their ICO which lasted from September, 12 till September, 24 with their contributions exceeding the campaign’s maximum cap of $15,000,000. “Thanks to all the participants!” the team said. “Together, we can make the process of making key decisions more deliberate, transparent and conscious with the help of Hybrid Intelligence.”
The ICO itself was quite remarkable due to its unusual arrangement: contrary to most similar fundraising offerings and token sales held these days, Cindicator decided to follow a Whitelist model. It presupposes that people interested in the campaign are required to apply for it first, and after that only some of them are manually selected by the team.
The model was particularly lauded by Charlie Shrem:
“We created the system of whitelists to select those participants who really can strengthen our ecosystem, and who are truly interested in our product and technology, rather than trading speculation. At this stage, we collected detailed information (in form of applications) about participants and how exactly each of them intends to create a synergy with us. We were pleasantly surprised how many interesting people are willing to help us create the ecosystem of Hybrid Intelligence,” the team’s blog post says.
The startup founders also announced that the total amount of investment proposed in all applications has marked $500,000,000 with 33,449 applications submitted from blockchain enthusiasts from all over the world. Citizens of 160 countries spoke about their desire to join the campaign which consisted of four Tiers in order to allocate token holders evenly, each of which could include only a limited number of participants and a fixed amount of contribution per person.
The ecosystem proposed by Cindicator combines collective wisdom of people that make diverse predictions regarding certain events or phenomena, and artificial intelligence that processes those data to return a single prediction.
The team has also stated that updates as to further development of their hybrid intelligence ecosystem will be published in a short while, adding that mostly the money gathered during the ICO will cover platform’s development and operational expences, while marketing and other needs of the firm will also be taken into account.
Being the main author of TheBlogIsMine news portal in the past, Anastasia has significant experience in observing such fields as tech and business. Now she wants to explore a new area – FinTech. Passionate researcher on technology topics eager to know about what's shaping the future – and how to respond.