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Public blockchain platform Ontology has made a strategic investment in Vid, a social video platform slated to launch this year. The details of the investment have not been disclosed.
Founded in 2017, Vid is a video journaling application that gives ultimate control to its users and allows them to “monetize their memories.” It uses blockchain technology for its internal VID token – a digital currency for transferring value across the network. It also leverages AI and machine learning techniques to automatically enhance clips, making them more polished and professional.
Last month, Forbes reported that Vid had raised over $20 million from NGC Ventures and others.
As part of the latest investment, Vid will use Ontology’s blockchain technology to power transactions within its application. In addition, Ontology will assist Vid with various promotional and marketing campaigns across the Asia Pacific region.
Commenting on the deal, Vid co-founder Jag Singh said:
“We are delighted that Ontology sees the value in what we are building at Vid. Our platform is showing early signs that it could be one of the largest consumer-facing integrations of blockchain technology to-date. With Ontology’s help, we believe we can make that vision a reality.”
Last year, Vid released a test app in the Apple App Store, which garnered more than 32,000 users in five weeks. However, the company soon took down the app to avoid unwanted media coverage during their R&D phase.
Li Jun, Founder of Ontology, said that Vid’s popular video application and big user base can help Ontology reach more users.
“Ontology is devoted to providing the infrastructure to help companies in different sectors adopt the blockchain technology easily and efficiently. Vid’s vision, which is giving the ultimate control of data back to its users, fits well with ONT ID, our decentralized identity,” he said. “I believe this investment will prove to be a win-win for both sides.”
