In late April 2024, Athens-based blockchain risk management platform, Lockchain.ai went public following successful early-stage funding of $4.6 million. The brainchild of Andrew Howard and Aiden Kehoe, Lockchain.ai has already significantly impacted the blockchain industry with its innovative approach to risk management.
Despite the volatility in the crypto market, the co-founders successfully raised necessary establishment funds, a process described by Howard as “catching a falling knife”. The unpredictable crypto market valuations did not deter their ambition. According to Kehoe, the wild fluctuations tested their resilience and honed their risk management skills.
The prominent contributor to the seed funding round was Lerer Hippeau, the New York-based venture capital firm known for backing innovative firms. Their investment reflects the promising growth potential of Lockchain.ai. Beyond financial support, Lerer Hippeau offers its entrepreneurship network and expertise in scaling startup firms.
Lockchain.ai’s AI-driven solution revolutionizes the way risks are managed in the blockchain industry. It provides real-time data to crypto traders, asset managers, and hedge funds, enabling quick decision-making and potential trading automation.
Athens’ Lockchain.ai: Public journey and impact
The technology also includes predictive analysis, identifying probable threats before they occur. So, Lockchain.ai is not only a security monitor, but also a smart trading assistant.
Lockchain’s team built their AI model using OpenAI. The model processes ‘on-chain’ and ‘off-chain’ data transforming it into a comprehensible risk management report for traders. This innovative use of AI aids traders in accurately gauging potential transaction risks, facilitating informed decisions.
The integration of OpenAI into Lockchain’s system demonstrates technology advancement in risk management and trading sectors. The AI model simplifies data interpretation and accelerates information processing, leading to real-time risk assessment. Lockchain’s initiative, thus, brings increased transparency and security to cryptocurrency trading.
Currently, Lockchain.ai employs about 20 staff, including full-time workers, contractors, and interns from the University of Georgia. Co-founder Howard, a Georgia Tech graduate, plans to raise more funds in the forthcoming summer to expand the business, integrate predictive features and compliance tools into Lockchain’s AI model. This move is expected not only to foster business growth, but also create job opportunities, benefiting University of Georgia students, and revolutionize the industry with improved secured networks.
