OweMe, the blockchain based platform, founded in 2016, lets banks and companies supply money faster, and will be using the funds to develop the product and expand the team. The platform is registered with the Financial Conduct Authority, a financial regulatory body in the United Kingdom, in order to issue electronic money that enables companies to create, pay and track their own currency pegged against Fiat currencies so as to reduce friction and increase efficiency when it comes to financial matters.
This deal marks the very first overseas investment conducted by Bengaluru based venture capital firm pi Ventures. The company generally deals with investing in early-stage start-ups operating in artificial intelligence and internet of things. Their recent investments comprise of software as a service (SaaS) start-up CustomerSuccessBox, logistics company Locus, health-tech firm SigTuple and NIRMAI, and medical wearable device firm ten3T/
Pi Ventures focuses on investments in applied AI and Internet of Things (IoT). In August 2018, the company raised Rs 225 crore (USD 31 million) for its debut fund, exceeding its initial target. The UK’s CDC Group came in as a Limited Partner in August. The fund has so far invested in startups such as SigTuple, Niramai, Ten3T and Locus.sh and exited energy management startup Zenatix in May 2018.
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