Business Wire India
Zebi, a leading blockchain company, has announced the acquisition of Element42, a Bangalore based blockchain start-up. Zebi has made the acquisition to bolster the strength of its in-house blockchain engineering talent while adding new products and customers.
Zebi, founded in 2015 by IIT alumni, has created globally innovative products leveraging decades of technology experience. Within a year of its operations, Zebi Asset Chain has been implemented by GoAP for the city of Amaravati to blockchain the land registry and Zebi’s AI Chain product has been adopted by police departments in 3 districts of Andhra Pradesh and running live at 1000+ hotels.
Element42 was founded by Pruthvi Rao, an IIT Kharagpur Alumnus, to provide its customers anti-fraud and transparency solutions. The platform uses blockchain, IoT and analytics to provide protection against fraud and counterfeiting. Element42 is a portfolio company of the prestigious San Francisco based Alchemist Accelerator and were also ranked fifth in the Deloitte Tech Fast 50 India 2018.
This acquisition will transfer all of Element42’s clients to Zebi, allowing Zebi to expand its product line and customer base. The solution provided by Element42 leverages blockchain technology and offers advanced protection against fraud risk management with wide applications across many industry segments.
Sudheer Kuppam, Co-founder and CEO – Zebi said, “This endeavour gives fantastic momentum to Zebi. With the combined resources, we are looking forward to developing and launching many more innovative products targeting Telecommunications, BFSI and Logistics industries in the coming months. Our goal is to firmly establish Zebi as the preeminent leader in real world applications leveraging blockchain technology.”
Pruthvi Rao, CEO – Element42, commented, “This is an exciting time for a disruptive technology like blockchain. Zebi’s core technology will not only allow us to strengthen our existing offerings, but also help develop new products. This will surely be the biggest blockchain story in a few years to come. This deal brings a critical mass of developers together for distributed ledger technology based product offerings.”
The expanded business will serve 35+ enterprises and government organizations across India and the team’s experience will also span a wide variety of distributed ledger technologies including Ethereum, Hyperledger, Tendermint, Corda, Stellar, IOTA, NEM etc.
