Waves Platform, a public blockchain platform, has got $120 million funding to launch its private blockchain platform and system integrator, Vostok.
The Vostok project has been developed specifically for large enterprises and public institutions to build their digital infrastructure.
The first funding round pushes Vostok’s value up to $600 million, with a second round expected in early 2019.
The firm expects to launch the first projects in Europe and Asia early this year.
Founder and CEO of the Waves Platform and the Vostok project, Sasha Ivanov, says: “The Vostok project lies at the intersection of several disruptive technologies, including blockchain, big data, artificial intelligence and the industrial internet of things.”
He adds: “By implementing those in the IT infrastructures of corporations and government agencies, we lay the foundation for the digital economy.”
Investors in Vostok’s key target markets were approached to participate in the first funding round.
The company is looking for investors that can provide capital, but also the “expertise and motivation” to help further the project.
London-based financial services group Dolfin coordinated both the structuring and execution of the deal.
