In October 2016, a blockchain company called Sonim Technologies, based in New York, raised $1 billion in venture capital funding.
Since then, the company has been transforming its product portfolio, and now has a slew of projects in the pipeline.
The company has received some serious attention from tech giants like Google and Facebook, and Sonim has become a darling of the financial technology industry.
One of its recent investments in a blockchain startup was a $1 million round led by a well-known VC firm, Andreessen Horowitz.
Now, the tech giant is announcing another new investment: $1,500,000 from the company’s cofounder, the entrepreneur who was named CEO of Sonim earlier this year.
“This investment has allowed us to accelerate the pace of product development and is a significant step towards becoming the industry leader in the use of blockchain to deliver financial services for consumers and businesses,” Sonim cofounder and CEO Shaul Almeida said in a statement.
The investment will be used to continue development of the Sonim blockchain and other projects.
Sonim is one of the world’s largest blockchain companies.
In October, the startup announced its first batch of products, including the first digital assets that can be backed by the blockchain.
It’s also looking to use its blockchain platform to help finance its existing services, including its existing products and its new products, which include digital currency.
The Sonim team is now working on a new product that will bring the digital asset idea to the financial industry, according to the company.
“As we move toward a world where financial transactions are not recorded on paper but are performed by the technology, the importance of digital asset and financial data is growing rapidly,” Almeidas said in the statement.
“The blockchain platform provides a means to make this process possible.
It is a tool to allow us to create a transparent and frictionless digital financial system.”
For the last two years, Sonim had been developing its own blockchain platform, called Kontakt, that uses a hybrid approach.
The Kontarkt platform was designed to give its users the ability to access their assets without having to go through traditional intermediaries.
“Kontakts will enable the company to be able to leverage its existing infrastructure, to build new services, and to grow its business while being able to scale up its infrastructure to meet the growing needs of the customer,” the company said in its announcement.
But in December, the cofounder of Sonamit, Zvi Borshchevsky, announced that he was leaving the company, citing “personal reasons.”
Since then the company and Almeaida have been working on other projects, including Sonim’s digital currency offering.
Sonamat has also launched a new crypto-token called Bionix, which was launched this week.
The platform has the potential to bring some of the same features as Sonim but will be completely decentralized.
“Sonim is looking for partners that will help us accelerate the adoption of our products, build and scale the Sonamot ecosystem, and continue to grow our business as a digital asset provider,” Almena said.
The founder and CEO of Bionx said he will be focusing on growing his startup’s team and will stay with Sonim.
Almeadia has said that he believes Sonim will become a financial technology company by the end of this decade.
In the meantime, BionX is currently under development.
The startup will eventually offer its own crypto-currency.
According to Bionex, Sonam will become the first cryptocurrency to be developed by a team of over 30 people, with more than 100 developers.