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KZen raises $4 million to bring sanity to crypto wallets

KZen, a company run by former TC editor Ouriel Ohayon, has raised $4 million in seed to build a “better wallet,” obviously the elusive Holy Grail in the crypto world. Benson Oak Ventures, Samsung Next, Elron Ventures invested. Ohayon, who has worked at Internet Lab and founded TechCrunch France and Appsfire, wanted to create an easy-to-use crypto wallet that wouldn’t confound users. The company name is a play on the Japanese word kaizen or improvement and it also points to the idea of the zero-knowledge proof. Omer Shlomovits, Tal Be’ery, and Gary Benattar are deep crypto researchers and developers and helped build the wallet of Ohayon’s dreams. “We wanted something that did not feel like a pre-AOL experience, that was incredibly superior in terms of security, and simple to use,” he said. “We wanted a solution that brings peace of mind and that did not force the user into compromising between convenience and security which is, unfortunately, the current state of affairs. We quickly realized that this mission would not be possible to achieve with the same tools and ideas other companies tried to use so far.” The app is launching this month and is being kept under wraps until then. Ohayon is well aware that the world doesn’t need another crypto wallet but he’s convinced his solution is the best one. “The market does not lack solutions,” he said. “On the contrary, there are software wallets, hardware wallets, paper wallets, vaults, hosted custody. But there is no great solution. To be able to use a crypto wallet you either need a good dose of Xanax or a master’s degree in computer science or both, unless you want to depend on a central entity, which is even worse as the news are reminding us weekly.” We’ll see as they use the cash to launch a crypto wallet that anyone – not just Xanax-eaters – can use.

ISAI closes new $175 million fund

French venture capital firm ISAI just raised a new $175 million fund (€150 million) called ISAI Expansion II. This fund is designed for later stage investments. The firm says that it managed to raise this fund in less than three months. This is a growth fund and the team plans to invest between $6 million and $35 million per deal (between €5 million and €30 million). ISAI first started with a seed fund back in 2010. The company raised a $41 million fund (€35 million) and invested in BlaBlaCar shortly after that. The firm has raised a growth fund and another seed fund since then. If you include today’s new fund, ISAI has raised over $350 million in total (€300 million). So ISAI Expansion II is by far the biggest fund to date. Limited partners include dozens of successful tech entrepreneurs as well as institutional partners. Many existing investors invested once again in ISAI’s new fund. Some entrepreneurs joined the list for the first time. With the previous ISAI Expansion fund, the firm invested in nine companies over five years. And ISAI already sold its shares in two companies, Hospimedia and Labelium. ISAI also says that it can help entrepreneurs using owner buy-out transactions. By creating a holding company, this type of operations lets entrepreneurs cash out, buy shares from existing minor investors and work with a new investor. More interestingly, ISAI doesn’t necessarily want to focus on Paris-based tech startups. The firm is also looking for investments in more traditional companies that aren’t yet taking advantage of digital opportunities.

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