The IOTA Foundation, an open-source non-profit foundation from Germany, has announced that, following the successful launch of IOTA’s data marketplace, Robert Bosch Venture Capital GmbH (RBVC), the corporate venture capital company of the Bosch Group, has purchased a significant amount of IOTA tokens. Dr. Hongquan Jiang, Partner at RBVC, will also join the IOTA Foundation’s advisory board.
RBVC hopes to intensify the collaboration with IOTA and help elevate the technology to maturity by bringing it closer to Bosch’s global ecosystem and key partners. IOTA enables machines to securely transact data and money with each other. This is the stepping stone to enable Internet of Things based applications and business models for mobility, energy, Industry 4.0 etc. The IOTA technology has been utilized for use cases including transparent value chains, secure Over-the-Air Updates and feeless micropayment-based electric vehicle charging, parking and others.
Dr. Jiang said: “We have been working with the IOTA team for more than one year. I’m very excited about IOTA’s innovative tangle technology, which could potentially become the standard underlying technology for trustless machine to machine communication, security and payment in the IoT space. There will be much synergy between Bosch and the IOTA Foundation, and I’m looking forward to seeing more industrial adoptions of this technology in the near future.”
Managing Director at RBVC, Dr. Ingo Ramesohl commented: “Distributed ledger technology will play an important role in the industry of tomorrow. Bosch is one of the pioneers actively driving the adoption of DLT in the automotive and IoT industry. The investment in IOTA’s token, the first ever token investment of RBVC, will help us work closely with the IOTA Foundation to explore the industrialization of this exciting technology.”
Dominik Schiener, Co-Founder of IOTA, remarked: “The purchase of IOTA tokens by RBVC is a strong vote of confidence for the technology and the ecosystem we have built over the years. Distributed ledgers are the future when it comes to truly unleashing the Internet of Things, and with IOTA we see the potential of becoming the backbone of this emerging Machine Economy. We will continue to intensify our collaboration with leading IoT companies and hope to have the first go-to-market solutions ready by the end of 2018.”
Co-Founder of IOTA, David Sønstebø stated: “Bosch and IOTA have been in contact since 2015 and are working together on multiple fronts, including the Trusted IoT Alliance (TIOTA) and other projects The decision by RBVC to acquire a significant amount of iota tokens solidifies the idea of the Machine Economy and how significant leaders in this space share our vision.”