# Open Oracle Association

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/open-oracle-association

- Industry: Financial Services
- Headquarters: Zug, Switzerland
- Website: www.fluxprotocol.org
- Total disclosed funding: $10M
- Latest round: Seed (May 20, 2021)
- Investors on record: 8

## About

Open Oracle Association specializes in innovative oracle technology that connects diverse data sources seamlessly within blockchain ecosystems. Their solutions facilitate rapid interoperability and verification, making data accessible for developers and enterprises across various sectors.Open Oracle Association was founded in 2020 and is headquartered in Zug, Switzerland. The company focuses on providing oracle services that enhance blockchain interoperability. The founders, Jascha Samadi and Peter M, have backgrounds in technology and business. As of May 20, 2021, the company raised USD 10.3 mn in a Seed funding round led by Distributed Global, with participation from notable investors including Coinbase Ventures, IOSG Ventures, Jabre Capital Partners, Maven11 Capital, Reciprocal Ventures, Uncorrelated Ventures, and Zee Prime Capital. This round marks the only funding round open to date, totaling USD 10.3 mn raised.Open Oracle Association's principal offerings include their advanced oracle programs that allow users to access a variety of data sources within minutes. Their flagship product, the SEDA Interoperability Verification Module (IVM), ensures secure verification for bridges and chain abstractions, facilitating data flow across different blockchain environments. This platform enables users to establish custom data feeds instantly, integrating both public and private data types from the outset. Their technology serves a global clientele, particularly in the decentralized finance (DeFi) sector, application development, and data analysis across North America, Europe, and Asia.Open Oracle Association operates on a transactional revenue model, focusing on integrations and service subscriptions related to its oracle offerings. Revenue is generated through subscription fees for ongoing access to verification services and customized data feeds. This model allows clients in the blockchain ecosystem to acquire on-demand data solutions, ensuring efficient access to crucial information without delays, thus enhancing operational capabilities and data management.Following the Seed funding round on May 20, 2021, in which Open Oracle Association raised USD 10.3 mn, the company intends to utilize these funds to build DeFi infrastructure on the NEAR blockchain. This initiative is part of their strategy to expand their product offerings and enhance their technological capabilities. The firm is also exploring entry into additional markets, particularly targeting the growing demand in Asia and Europe for blockchain interoperability solutions. By focusing on these regions, the company aims to bolster its presence and service delivery in the global blockchain landscape.

## Funding rounds

- Seed, May 20, 2021, $10M — Jabre Capital Partners, Reciprocal Ventures, Coinbase Ventures, Distributed Global Ventures, Maven11 Capital, Uncorrelated Ventures, Zee Prime Capital, IOSG Ventures

## Investors

- Jabre Capital Partners — Seed
- Reciprocal Ventures (https://capitalatlas.ai/funds/reciprocal-ventures) — Seed
- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Seed
- Distributed Global Ventures (https://capitalatlas.ai/funds/distributed-global-ventures) — Seed
- Maven11 Capital (https://capitalatlas.ai/funds/maven11-capital) — Seed
- Uncorrelated Ventures (https://capitalatlas.ai/funds/uncorrelated-ventures) — Seed
- Zee Prime Capital (https://capitalatlas.ai/funds/zee-prime-capital) — Seed
- IOSG Ventures (https://capitalatlas.ai/funds/iosg-ventures) — Seed