The company plans to use the funding to continue its AI research and product development for Lightning tools.
Amboss Technologiesa data analytics company focused on the Bitcoin Lightning Network, raised $4 million in seed funding from Stillmark 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 a social component to empower users to make strategic decisions about routing payments on the Lightning Network.” The company says the funding will go towards its efforts in AI research and product development. “By leveraging AI and machine learning, Amboss can add intelligent decision-making tools to its product offering that will help automate node and channel management,” the statement said. press.
Jesse Shrader, co-founder and CEO of Amboss, said, “The data analytics platform we built with Amboss showcases the many benefits of the Lightning Network as a community-controlled financial system. He added, “Our drive to optimize payments through machine learning has attracted strategic investors who understand the significant disruptive potential of Lightning and our role in perfecting global payments.
“Payment reliability is critically important to companies and institutions considering, currently using, or actively preparing to integrate the Lightning Network in 2023,” said Alyse Killeen, Managing Partner of Stillmark. She added that “these companies are looking for the superior efficiency and availability of Lightning over other payment protocols in general and traditional payment systems in particular.” She praised Amboss for delivering advanced products that provide a simpler Lightning experience and more closely match customers’ existing business parameters.
According to the press release, 30% of the network’s nodes are registered on its platform, noting in particular that this includes nodes hosted by industry leaders like Kraken Exchange and Jack Dorsey’s Lightning-focused Block subsidiary TBD.
“Amboss was the first to integrate a social layer into its platform, with community groups, message boards, reputation score and social sharing.” The press release says. “In the evolving $9 trillion digital payments industry, Amboss’ momentum highlights the transformative benefits of the Lightning Network’s around-the-clock availability, low transaction costs and enhanced privacy. .”