"Data management has no ambitions to spawn a digital behemoth"
Rewritten Article:
Meet Dwinity, a data storage powerhouse headquartered in Grünwald near Munich. They've got a knack for handling the sensitive stuff - think millions of personal data points, mostly for research purposes. It's all about earning trust, says Christian Mangold, the CFO, and they've got a few ace cards up their sleeve.
Firstly, they're not cloud-dependent. Instead, their data is stored in a decentralized manner, avoiding the creation of another data silo. Robin Basu, the COO and co-founder, stresses the importance of keeping user control over data. As data is a valuable resource, users are to benefit financially as part of Dwinity's community, with over 40,000 members worldwide already on board.
Commercialization is on the table now. Using blockchain technology, Dwinity enables analysis via artificial intelligence (AI). This predictive AI helps analyze large datasets faster and more accurately through machine learning. They're currently working on commercializing their prototypes and building a solid infrastructure for data. Partnerships with tech giants and early adopters are key for this endeavor, with healthcare, insurance, and finance sectors being primary targets.
One such partnership is with Streifeneder, a Upper Bavaria-based prosthetics manufacturer. Dwinity's solution allows easy data collection from prosthetic wearers, which helps Streifeneder improve their products. The data is anonymized, and it eases the burden of manual data entry from Excel sheets. Dwinity and Streifeneder are considering merging their technologies, with Streifeneder providing input into the development process.
Healthcare records could be another significant application. The current cloud storage system isn't suitable for Dwinity, and Germany is too vast to serve as a practical base. However, Dwinity sees potential in handling electronic health records (EHR) in smaller countries, where data sovereignty belongs to the user, not the state, insurance company, or doctor.
Basu, a researcher of self-determination in both the analog and digital world for over 15 years, sees a vast untapped market here. Funding for Dwinity comes solely from token sales. They expect their client base to start off as tech and crypto enthusiasts, but over time, others are likely to join in. The goal is to have around 7 million users within two years, at which point Dwinity anticipates reaching operational profitability.
They've already secured $2.4 million in a seed funding round, with investors from both Germany and abroad. For their Series A round, they're aiming for between $3 million and $8 million. Proceeds will go toward AI development and training for Dwinity's solutions, with talks underway with venture capital firms. The funding round is expected to conclude by February or March next year. Investors purchase tokens, just as in the seed round, making things easier with a private token sale - no notary needed.
As Dwinity embraces the trends of crypto and decentralized storage, they're setting their sights high in the healthcare, insurance, and finance sectors. With trust, user-centricity, and strategic partnerships at the heart of their strategy, Dwinity is on a mission to revolutionize data storage and utilization.
- Dwinity, a data storage company, uses a decentralized approach to store data, ensuring user control over their information and addressing the issue of data silos, as stated by Robin Basu, the COO and co-founder.
- In addition to their data storage solutions, Dwinity is leveraging artificial intelligence (AI) to analyze large datasets more accurately, thanks to the implementation of blockchain technology, as Commercialization efforts move forward.
- Beyond just data storage, Dwinity is authorities in the field of data-and-cloud-computing, with a vision to revolutionize the finance, healthcare, and insurance sectors, as mentioned by Christian Mangold, the CFO.
- To build their infrastructure and commercialized prototypes, Dwinity is seeking venture capital funding, aiming for investments between $3 million and $8 million in their Series A round, as stated in the funding goals.
- The company's financial backing comes predominantly from token sales, and they anticipate attracting a wide range of users beyond the tech and crypto enthusiasts, with a goal of reaching around 7 million users within two years, aspiring for operational profitability at that point, as noted by Basu and Mangold.
