Singapore’s NGC Ventures has made an undisclosed investment in VID, a Los Angeles-based startup that is set to publicly launch a video-centric social app later this year.
Established in 2017, the venture taps AI and blockchain technology to “enable its users to create video content that is privacy protected while allowing users to monetise their content and retain 100% of advertising revenue”.
Over the past 12 months, it says that it has secured “a significant number of globally recognised influencers to sign onto its social media platform, which have an aggregate reach of over 350 million followers.” To date, VID has raised over $20 million.
Tony Gu, NGC Ventures Founding Partner, will be joining VID’s board of advisors. “While VID is not the first project trying to disrupt the digital media industry using blockchain, they are certainly leading the charge as they strike the right balance of professional product development, sleek customer experience, and a creative business model with innovative token metrics, with the potential to reach tens of millions of consumers,” he comments.
Jag Singh, CEO and Co-founder of VID, says: “We are very excited to partner with one of the most reputable and influential investment firms in our industry. Not only does NGC Ventures share our vision in creating a paradigm-shifting user first social video platform, but their investment brings us an expansive network of global connections as well as deep knowledge on greater Asia. In addition, Tony Gu will surely prove to be an invaluable member of our advisory board.”
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