NEM Ignite Incubator Program Supports Three Early-Stage Projects on Symbol
NEM Ventures launched NEM Ignite earlier this year to help early-stage startups develop their project and deliver on their vision via 1:1 tailored mentoring with the NEM Executive team and ecosystem. The first cohort of the program was a resounding success, fostering productive connections between participants, industry partners and professionals.
We’re thrilled to share that LCNEM, KarmaPoint, and FactorChain AI, three promising projects spanning several continents and disciplines, have concluded the inaugural phase of the program. Find more details about these startups below:
- Japanese startup LCNEM fosters the growth of smart cities via blockchain, AI and machine learning technology. They are currently building a ticket management and tracking product for the Japanese entertainment industry as well as a stablecoin backed by the Japanese Yen. Overall, LCNEM’s powerful tech stack helps to build smart cities where individuals can focus on creating value, backed by an accomplished team that also provides digital experience consulting.
- The second project in development on Symbol is KarmaPoint, a Chilean-based startup. The project incentivizes users to carry out positive acts, rewarding them with digital tokens. The system creates a digital reputation for people and institutions in recognition of their contributions to society, improving collaboration and motivation in a virtuous cycle of positive value. The project has recently finished Beta version testing with great results.
- Additionally, FactorChain AI, a Canadian project initially geared towards local artisanal food providers and craft breweries, allows for smarter, faster credit into the supply chain. FactorChain accesses banking, financial and operational data to score borrowers and automate the onboarding and underwriting process. The project utilizes smart contracts that track the progress of credit issuance, and underwrite the credit through alternative pools of capital, redirecting DeFi yield from stablecoin backed investments.
Sharing his thoughts on the first cohort of NEM Ignite, Dave Hodgson, CIO of NEM Group and MD of NEM Ventures said:
NEM Ignite fosters connections between cohort participants, industry partners and professionals, giving incubatees access to the strong and thriving decentralized NEM ecosystem and beyond. The program has given us the opportunity to expand our ecosystem with three projects. APAC, Latin America and North America are three highly-valued demographics, and we believe that these startups have the potential to contribute to the vision of building a decentralized new economy movement.
We’re excited to welcome LCNEM, KarmaPoint and FactorChain AI to the NEM ecosystem! Together, these diverse projects will contribute to the growth of our distributed ecosystem and vision for building a new economy movement (NEM).