Cypher Capital invests in Iomob to support blockchain development
Cypher Capital, a venture capital firm based in the UAE, today announced that it has invested in Iomob, a blockchain company pioneering the development of a decentralized protocol for the world’s first mobility marketplace network and token. The investment will be used to bolster the development of Iomob’s blockchain architecture.
Iomob has a strategic partnership with a major technology company in India and with this investment and the network of Cypher Capital, it aims to grow its reach in the region. Given India's ambitious smart cities agenda, and rapidly growing and diversifying public and private transportation ecosystem, Iomob's decentralized Internet of mobility could help provide a digital layer to enable more seamless low-carbon mobility throughout the country.
Iomob’s application and world-class “Journey Planner” eases and improves intermodal mobility by tapping into 7,000 taxi fleets, micro-mobility in more than 270 cities, thousands of parking spaces, and 480+ public transit feeds.
"We are thrilled to work with Cypher Capital, one of the most recognized and respected providers of capital dedicated to the construction of blockchain infrastructure, alongside a number of notable investors in Iomob,” said Boyd Cohen, CEO of Iomob. He continued, “The support of Cypher Capital helps us fuel the development of new, decentralized, interoperable, global mobility networks that will be the cornerstone of the ‘Internet of Mobility’ philosophy that is beginning to reshape how we conceptualize global transportation.”
“Iomob is the missing piece that activates the value of blockchain in transportation; the company unlocks the potential for the ‘Internet of Mobility,’ said Vineet Budki, Managing Partner and CEO of Cypher Capital. He added, “Iomob’s impressive traction in the transportation market, decentralized approach, proven technology, and budding partnership with leaders in the Metaverse, along with strong investor support to date and an ambitious team of start-up veterans and developers, has them well-positioned to deliver on a truly sophisticated vision for how we move."
Iomob was incorporated in 2018 by three Ph.D. co-founders based in Barcelona, Spain. Since its incorporation, it has deployed trials with major enterprise customers in New Zealand, Spain, and Scandinavia, and is now deploying commercially in the United Kingdom, United States, and Portugal, providing millions of travelers with access to multimodal, shared mobility, with many more deployments to be announced this year.
Iomob also recently announced an investment from True Global Ventures, with co-investment from impact-focused funds A100x and Creas.