Dubai, UAE – May 30, 2022 Cypher Capital, a blockchain-focused venture capital firm based in the UAE, today announced that it has invested in Iomob, a blockchain company pioneering the development of a decentralized protocol for the world’s first mobility marketplace network and token. The investment will be used to bolster the development of Iomob’s blockchain architecture.
Iomob’s application and world-class “Journey Planner” eases and improves intermodal mobility by tapping into 7,000 taxi fleets, micro-mobility in more than 270 cities, thousands of parking spaces, and 480+ public transit feeds.
“We are thrilled to work with Cypher Capital, one of the most recognized and respected providers of capital dedicated to the construction of blockchain infrastructure, alongside a number of notable investors in Iomob,” said Boyd Cohen, CEO of Iomob. He continued, “The support of Cypher Capital helps us fuel the development of new, decentralized, interoperable, global mobility networks that will be the cornerstone of the ‘Internet of Mobility’ philosophy that is beginning to reshape how we conceptualize global transportation.”
“Iomob is the missing piece that activates the value of blockchain in transportation; the company unlocks the potential for the ‘Internet of Mobility,’ said Vineet Budki, Managing Partner and CEO of Cypher Capital. He added, “Iomob’s impressive traction in the transportation market, decentralized approach, proven technology, and budding partnership with leaders in the Metaverse, along with strong investor support to date and an ambitious team of start-up veterans and developers, has them well-positioned to deliver on a truly sophisticated vision for how we move.”
“We are proactively expanding beyond Europe, and choosing the UAE is a strategic decision. With the country’s advancement in blockchain technology, especially after the latest announcement of Dubai’s 2030 Metaverse strategy, and various major companies like Emirates embracing the Metaverse, we are confident that the UAE is on its way to becoming a blockchain hub,” added Cohen. “We are aiming at opening discussions with various UAE entities specialized in transportation to discuss opportunities for the advancement of the transportation sector on the blockchain.”
Iomob was incorporated in 2018 by three Ph.D. co-founders based in Barcelona, Spain. Since its incorporation, it has deployed trials with major enterprise customers in New Zealand, Spain, and Scandinavia, and is now deploying commercially in the United Kingdom, United States, and Portugal, providing millions of travelers with access to multimodal, shared mobility, with many more deployments to be announced this year.
Iomob also recently announced an investment from True Global Ventures, with co-investment from impact-focused funds A100x and Creas.
– End –
About Cypher Capital
Cypher Capital is a venture capital firm based in the UAE focused on crypto, blockchain, and digital asset-related projects worldwide. Cypher Capital takes a holistic approach in creating an ecosystem in which crypto, blockchain, and digital asset-related projects can thrive under the mentorship and relationships that Cypher Capital has to offer and has recently announced a $100 million seed fund aimed at investing in such projects.
Cypher Capital is building a 10,000 sq. ft. hub for crypto and blockchain start-ups which is set to open in Q4 2022 in Jumeirah Beach Residence, Dubai. The hub reflects the company’s vision in contributing to the blockchain community and in providing mentorship and guidance to its members in all matters relating to their projects.
To learn more visit https://cyphercapital.com.
Iomob Technologies OU Estonia, is the first company in the world to offer a global decentralized, interoperable mobility marketplace network. Iomob’s world-leading solution enables businesses and governments to quickly and easily launch their own Mobility-as-a-Service solutions by adding individual mobility modes to their existing digital channels. Iomob has won numerous industry awards and has commercial customers in Europe and the US, serving millions of travelers. Iomob also has global partners who increase the reach of the IOM Protocol to more than 40 million daily users.