Nuco raises $27 million to build interoperable blockchain network

nuco

Toronto-based Nuco has raised $27 million CAD to build its interoperable blockchain network, called Aion. The goal is to build a platform that connects compatible blockchains operated independently to allow the instant, global transfer and recording of data and value.

Fortune 1000 company Moog, which builds parts for the aerospace and defense industries, will integrate Aion into its platform. Moog initially approached Nuco to develop a native blockchain platform to onboard the entire manufacturing documentation to a network shared by multiple stakeholders. With Aion, Moog hopes to interoperate and share data with other major blockchains in industries ranging from banking to auditing and insurance.

“The blockchain landscape is like the railroad system of the 1850s, when there were multiple switching networks. At some point, there had to be a consolidation of gauges so that railroads could use each other’s tracks to reach more customers. That same phenomenon exists today in blockchain. There’s going to need to be a hub. For us, Aion is that hub,” said James Regenor, director of transformative technologies at Moog. “Aion will allow us to move data between the multiple blockchains that could be present in our supply chain. We think this is a very important step, and we’re glad to be participating in it.”

Aion started its token pre-sale on October 3, raising over $9 million in under one week. Aion tokens will become immediately transferable following the conclusion of the pre-sale, and additional tokens will be available to the public in late 2017.

Aion has also added Eric Wetlaufer, head of global capital markets at CPPIB and a member of the Toronto Stock Exchange’s board of directors, as an advisor to the project.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.