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Leading Capital Markets Protocol Folks Finance Closes $3 Million Seed Funding Round

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Leading Capital Markets Protocol Folks Finance Closes $3 Million Seed Funding Round

The round was led by Borderless Capital with participation from Jump Crypto, Parafi Capital, Coinbase Ventures, Genesis Capital, the Algorand Foundation, and more

Folks Finance, the leading capital markets protocol for borrowing and lending built on the top of Algorand blockchain, announces the closing of its $3M Seed Funding Round, led by Borderless Capital with participation from Jump Crypto, ParaFi Capital, Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, the Algorand Foundation and many others.

Folks Finance Logo

Folks Finance is the result of extensive research and engineering conducted by Blockchain Italia, a blockchain software house strongly focused on Algorand. The company dedicated its best minds to the project, designing a disruptive economic lending model and introducing unique features such as staking of rewards, safety margins for cryptocurrency pairs, and an innovative liquidity provision system

The Investor Group

Round leader, Borderless Capital is the largest Algorand ecosystem investor and is committed to provide a higher multiple of the invested capital into the Folks.Finance lending pools.

David Garcia, who is CEO and Managing Partner at Borderless Capital as well as an angel investor personally supporting Folks Finance, said:

“We are proud to join Folks Finance as the lead investor in this round. Folks.Finance is a key pillar of the Algorand DeFi ecosystem. The team has done an amazing job developing their protocol and building a network of highly strategic partners, setting them up to hit the ground running at launch. The debut of Folks Finance will enable unprecedented amounts of composability among Algorand DeFi dApps and decentralized communities, empowering projects to actively participate in more inclusive and fair capital markets on-chain ”

Alongside Borderless, two mainstay crypto investing firms supporting the Folks Seed Round include Jump Crypto and ParaFi Capital.

Anjan Vinod, VP at ParaFi Capital, an alternative investment firm focused on blockchain and decentralized finance markets, also commented:

As large DeFi users, we see money markets as critical infrastructure for any DeFi ecosystem. We believe Folks Finance is well-positioned to unlock liquidity for a variety of Algorand native assets and become a composable building block. From our first conversation with the Folks Finance team, we noticed how talented Benedetto and team were in designing and building DeFi applications. We are excited to support Folks’ vision in building a scalable money market.”

Folks Finance’s list of seed investors also includes leading venture capital firms such as Coinbase Ventures, OKX Blockdream Ventures, Genesis Capital, Youbi Capital, Algorand Foundation, Meld Ventures, Eterna Capital, 0x Ventures, Polymorphic Capital, Valhalla Capital, ZBS Capital, and Gains Associates. Crypto veteran angel investors supporting Folks Finance include David Garcia, CEO of Borderless Capital, and  Calvin Liu, former Strategy Lead at Compound.

Several of the leading DeFi and Financial protocols of the Algorand Ecosystem also joined the seed round including Algomint, Tinyman, StakerDAO, MyAlgo, Venue One, xBacked, Prismatic, among others.

Next Steps

Folks Finance is currently in its smart contract security verification phase, after successfully completing a protocol design review, and early this year is planning the official launch for Folks Finance on the Algorand TestNet, along with the release of Folksy Guys, the official NFT collection dedicated to the Folks Finance community. The team will officially publish the research paper for the protocol economic model soon, and it is already working to establish the milestones of version 2.0. Intending to outline community-centric governance, the ASA-token FOLKS will offer its holders participation in protocol decision-making power, an incentive and staking strategy, and much more.

Of the seed round fundraising, Folks Finance CEO Benedetto Biondi commented:

“We are delighted and excited about the outstanding portfolio that we have been onboarding on this investment round. The team’s excellent work has resulted in an innovative design that will make Folks Finance a mainstay in capital markets protocols. We are proud to be supported by the Algorand ecosystem, making us feel part of a strong developing and expanding family. 2022 will be the year of Algorand, and the imminent protocol launch will achieve an important milestone. We are enthusiastic about showing the outputs of a year of hard work behind the scenes.”

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Mappable launches Neurogeocoder API to revolutionize mapping solutions for UAE businesses

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Mappable

Mappable, a global company that brings powerful and highly customizable mapping solutions to the local markets, announces the launch of its new product — the Neurogeocoder API, which is now available to all clients in the UAE.

The Neurogeocoder API, powered by machine learning and AI, is a game-changer in geospatial solutions, particularly in light of the projected 14.2% CAGR growth of the global digital map market by 2030. Unlike standard geocoders with fixed algorithms set by the development team, Neurogeocoder’s adaptive nature ensures precise results, even with unstructured location queries containing errors or typos. This advanced tool allows for the seamless display of user-entered addresses on maps and facilitates the transformation of map points into detailed street addresses, ensuring precise and reliable location results. By recognizing local expressions for districts, towers, and roads, the Neurogeocoder effectively links them to specific addresses or points, a feat beyond the capabilities of standard geocoders.

The Neurogeocoder API is a powerful tool for various industries, including e-commerce, real estate, food-tech, ride-tech, and logistics. It helps quickly translate large address volumes into coordinates and vice versa, as well as process intricate or locally specific location queries for different business scenarios. For e-commerce, the Neurogeocoder can enhance customer service by displaying pickup points on maps, allowing users to choose the most convenient location when placing orders. For real estate companies, the tool can accurately showcase property locations, helping potential buyers visualize the surroundings to make informed decisions when considering a purchase. For logistics services, the API optimizes operations by providing accurate addresses to managers for better cost estimation of deliveries, leading to increased operational efficiency and cost savings for the business.

In addition to the Neurogeocoder API, Mappable offers a comprehensive suite of solutions tailored to multiple business needs:

  • Performative, customizable, and data-rich maps for clients’ websites, apps, or CRM.
  • Automatic geo verification and easy search by address, coordinates, and other parameters.
  • Navigation and route planning tools that take into account traffic and weather forecasts as well as other parameters, to help drivers, couriers, and other professionals efficiently move around the country.

“The UAE is rapidly progressing in the fields of technology, e-commerce, and smart mobility and we’re excited to support businesses on this journey. Mappable solutions allow companies to optimize logistics and enhance customer service quality by automating processes and reducing workloads on internal personnel, call centers and order-processing specialists. We know what local businesses need and are constantly updating our products, using machine learning and AI to give our clients the best possible mapping solutions. The newly launched Neurogeocoder is a great example of this. It understands our address-inputting habits and adapts to them”, explained Sabina Mirza-Akhmedova, Chief Executive Officer at Mappable.

Sabina Mirza-Akhmedova, Chief Executive Officer at Mappable

All Mappable solutions provide extensive customization opportunities, and a wide range of licensing choices. The company has also launched an online self-service desk, which gives easy and fast access to its APIs — for trial or license purchase. More information can be found at mappable.world.

About Mappable:

Mappable is a global mapping and geospatial solutions provider based in the UAE, offering powerful and customizable business solutions to local markets. With a focus on innovation and precision, Mappable provides cutting-edge mapping, geospatial, and navigation technologies to meet the diverse business needs of e-commerce platforms, retail chains, logistics and delivery firms, manufacturing enterprises, ride-tech and food-tech companies, telecommunications corporations, banks, as well as the public sector.

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Yango showcases latest innovations to transform urban transport at Mobility Live ME

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Abu Dhabi, UAE, Yango, an international tech company, made a significant impact as the Silver Sponsor at Mobility Live ME, the region’s most crucial event focusing on disruptive technology in mobility. Being committed to leveraging the power of technology to improve its users’ lives, Yango showcased its latest products and innovations and presented insights tailored to the MENA region’s evolving demands.

Building on its reputation for unique service offerings, the company recently launched Yango Drive, a comprehensive car rental marketplace integrated within the Yango SuperApp that is gaining substantial traction in Dubai. It features a digital booking system that offers an array of 3,500 cars, providing a seamless, high-quality rental experience from booking to return. This service reflects Yango’s commitment to comfort, convenience, and sustainability, supporting the shift towards shared mobility and aligning with the UAE’s Net Zero 2050 and Dubai Urban Plan 2040 initiatives.

Furthermore, in alignment with its dedication to enriching local communities, the ‘Prayer Mode’ for Muslim drivers was recently launched during the holy month of Ramadan. This feature facilitates drivers’ adherence to prayer schedules and includes innovative mapping and smart routing technologies to locate the nearest mosques. The app also mutes notifications during prayer times and provides directions to the Qibla, ensuring drivers can seamlessly balance their professional responsibilities with their religious practices.

Islam Abdul Karim, General Manager, Yango GCC, said: “We have seen great demand for our services since our entry into the market and are dedicated to developing a safe and comfortable urban transport system to keep up with this demand. With technology at the heart of our mission, we are not just responding to the current status but are actively shaping the future of mobility with innovative solutions and features. We will continue to set new standards in the industry, contributing to creating smart, sustainable cities.”

Islam spoke in a panel discussion at Mobility Live: “Movers and Shapers: Shining a Spotlight on the Game-Changers in Modern Transport Systems.” Shashi Shekhar Singh, Director of New Markets at Yango, delivered a keynote speech on the “Future of Mobility,” delving into how the company redefines urban mobility.

The company’s commitment to innovation is reflected in its diverse range of services, including Yango Maps, Yango ride-hailing service, Yango Play, Yango Tech, the advanced Arabic human-like AI voice assistant Yasmina, and many more, all of which are designed to enhance the everyday lives of local communities. As one of the leading apps in the region, the company is committed to supporting local transport providers, creating jobs, and fostering long-term partnerships with local communities and governments.

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Trident IoT Launches Taurus Z-Wave Series Silicon

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Chip series and SDK support next-generation Z-Wave capabilities for the global market.

Trident IoT, an RF technology and engineering company focused on decreasing time-to-market for connected device manufacturers, today announced the release of the new Taurus Z-Wave Series of silicon solutions.

The Trident IoT Taurus Z-Wave Series will encompass system-on-chip (SoC) solutions and modules that support the latest advancements in Z-Wave technology, including Z-Wave Long Range (ZWLR) for the U.S. and the implementation of the ZWLR European specification. The Taurus Z-Wave Series will ship with an SDK based on Open Z-Wave Specification Release 2024A.

“The Taurus Series gives global manufacturers access to cutting-edge Z-Wave capabilities,” said Trident IoT co-founder Bill Scheffler. “This silicon series and SDK will be the first to implement the ZWLR European specification, accelerating IoT product development worldwide.”

Taurus Series Silicon Specifications
The Taurus Series is based on an ultra-low power, high performance Z-Wave SoC. The Taurus SoC solution is designed to enable Z-Wave solutions with class-leading battery life, range, and memory.

Taurus Series chips feature an ARM® Cortex®-M33 microprocessor, 1MB of flash program memory, and 288KB of SRAM data memory for exceptional processing and response time. The powerful sub-GHz radios transmit at +20dBm and +14 dBm, enabling communication over distances up to 1+ miles.

Taurus chips support Z-Wave Plus, Z-Wave Plus v2 and ZWLR, enabling the development of highly secure, reliable, scalable, and backwards-compatible solutions for smart home, hospitality, multi-dwelling units and more. Using the ZWLR 12-bit addressing space, the Taurus Series supports networks of up to 4000 nodes; Taurus chips also leverage ZWLR dynamic power control, enabling end point battery life of up to ten years from a single coin-cell battery.

“ZWLR is a revolutionary technology, with the power to expand the reach, scale and utility of IoT applications while preserving full backward compatibility with currently deployed Z-Wave devices,” said Avi Rosenthal, Z-Wave Alliance Chairman of the Board. “This new Z-Wave silicon offering, paired with the Trident IoT SDK and design services, will enable more Z-Wave Alliance members to take advantage of ZWLR capabilities, bringing exciting new products to market faster around the globe.”

End-to-End Product Development Support
In line with the company’s mission to decrease time-to-market for IoT devices, Trident IoT will offer end-to-end engineering consultation for new products integrating Taurus Series silicon. In addition to the Taurus Series SDK, Trident IoT customers will also have access to an exclusive library of both Z-Wave and ZWLR device and sensor reference designs, created to accelerate the development of innovative new edge-of-property applications.

Trident IoT also offers in-depth consulting from some of the industry’s foremost experts on wireless connectivity, including Z-Wave technology. “Trident IoT was launched in response to a gap in the availability of IoT product design services,” says Mariusz Malkowski, Trident IoT CTO and founder. “The demand for consultation has been extraordinary: in just six months we’ve had to double our engineering resources.”

To support the development of market-ready products, the Trident IoT lab is fully equipped and available for Z-Wave, Z-Wave Plus v2, and ZWLR end product compliance and testing.

By providing silicon, design services, and in-house compliance testing, Trident IoT can help device manufacturers decrease time-to-market for new Z-Wave products by more than 60%. According to Kevin Kraus, VP of Technology Alliances and IoT Business Development, Yale – Fortune Brands Innovation, “In-depth consulting services from the Trident IoT team will be an invaluable accelerator for Fortune Brands, helping us to bring new Z-Wave-certified products to market in the near future. With the launch of this new single-die silicon solution, we look forward to collaborating on new devices with next-generation capabilities, including long-range and potentially even multi-protocol devices.”

Taurus Series Previews for Product Developers
Taurus Series silicon will begin shipping at scale in Q4 2024. In the meantime, Trident IoT will issue Taurus Series samples to select partners for initial testing and product development.

About Trident IoT:
Trident IoT is a technology and engineering company focused on simplifying RF development, increasing product success rates, and decreasing time-to-market for connected device manufacturers. Founded by a team of IoT veterans with over a century of industry knowledge, Trident IoT is aimed at making connected devices work as intended. With an initial focus on companies manufacturing Z-Wave devices, Trident IoT seeks to expand and build new relationships through a human connection at every level, including certification and market knowledge. 

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