The company plans to use the funding to advance AI research and product development for its Lightning tools.
Amboss Technologiesa data analytics company focused on the Bitcoin Lightning Network, has raised $4 million in seed funding from it steelmark and several other venture capital firms, including Valor Equity Partners, Draper Associates, Fulgur Ventures, and Ride Wave Ventures.
A press release shared with Bitcoin Magazine describes how Amboss uses data, analytics, and the social component to enable users to make strategic decisions about routing payments through the Lightning Network. The company says the funding will go toward its AI research and product development efforts. “By leveraging AI and machine learning, Amboss can add intelligent decision tools to its product offering that will help drive the automation of node and channel management,” the press release said.
“The data analytics platform we built with Amboss showcases the many advantages of the Lightning Network as a community-controlled financial system,” said Jesse Schrader, co-founder and CEO of Amboss. He added, “Our quest to improve payments using machine learning has attracted strategic investors who recognize Lightning’s significant disruptive potential and our role in perfecting global payments.”
“Payment reliability is of critical importance for organizations and organizations that are now considering, currently using, or actively preparing to join the Lightning Network in 2023,” said Alise Killen, Managing Partner of Stillmark. “These companies are striving to achieve the superior efficiency and availability of Lightning compared to other payment protocols in general and traditional payment systems in particular,” she added. It commended Amboss for delivering advanced products that provide a simpler Lightning experience and an experience that is more relevant to today’s client business standards.
According to the press release, 30% of the network’s nodes are registered on its platform, specifically noting that this includes nodes hosted by industry leaders such as Kraken Exchange and Jack Dorsey’s Lightning-based Block affiliate TBD.
“Amboss has pioneered the incorporation of a social layer into its platform, which includes community groups, message boards, reputation scoring, and social sharing.” The press release said. “In the evolving $9 trillion digital payments industry, Amboss’ momentum highlights the transformative benefits of the Lightning Network’s 24/7 availability, lower transaction costs, and enhanced privacy.”