NEW YORK, Nov. 15, 2018 /PRNewswire/ -- Apis Capital Management announced the acquisition of blockchain intelligence and analytics division from the White Company. This is the first acquisition by Apis Ventures, the private equity fund run by Apis Capital Management, which had recently launched to focus on artificial intelligence and machine learning.
Dr. Edgar Radjabli, Managing Partner of Apis Capital Management said, "We believe that we are the cusp of fundamental sea change with a profound effect on the world we live in, driven be advanced in AI, ML and DL. Our world today is captured in a myriad of data points, but that data has not yet been effectively leveraged to provide the impactful solutions we expect. We are now seeing more attention to fundamental technologies and some key developments, such as the Linux Foundations' launch of Acumos AI platform. Our fund is focused on bringing companies together that can do just that and this acquisition is an important step in that direction. The future of AI will not be dominated by IBM and Watson."
The White Company is using blockchain technology to connect the world of global payments and financial transactions, allowing consumers and businesses to pay anyone, anywhere, anytime, in seconds with no fees. It is unique in the industry, providing the only complete blockchain based financial solutions package combing stablecoins, a fiat on/off ramp, a cryptocurrency exchange, wallet, merchant processing product, asset management and a debit card.
Elizabeth White, CEO of the White Company stated, "The acquisition of our intelligence and analytics division is a significant step for us to bring immediate value to our shareholders and focus on the key revenue drivers of the White Company. The division will continue to operate in synergy with the White Company, and will benefit from the expertise of the team at Apis Ventures."
Dr. Radjabli explained that of particular interest in the acquisition was the advanced anti-fraud analytics the White Company has developed to protect its clients and comply with stringent KYC/AML requirements, as well as its market liquidity algorithms used in this exchange operations.
As part of the acquisition, Dr. Radjabli and Dr. Yosin Yakobu, head of Machine Learning at Apis Capital Management will initially stay on as directors of the blockchain intelligence and analytics division.