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Autonomous Vehicle Startup Secures Investment From South Korean Crypto Fund

  • Urvashi Verma
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    A startup building tech for driverless cars and drones secured investment from South Korean cryptocurrency fund

Autonomous Vehicle Startup Secures Investment From South Korean Crypto Fund

DAV Foundation (DAV), a startup building for tech for driverless cars and drones secured investment South Korean cryptocurrency fund from Block Crafters Capital on Friday.

"For us, South Korea is an extremely valuable market. Its automotive industry is at the cutting edge of autonomous vehicle technology with multiple proof-of-concept programs in progress,” said Noam Copel, CEO, and founder of the DAV Foundation.

South Korea has emerged as a hub for autonomous vehicle development after opening  K-City, which is an 88-acre facility for testing autonomous vehicles last year. The test city, includes expressways, suburban roads, bus lanes, parking areas and is the largest testing environment for autonomous vehicles in the world.

“The country has embraced Blockchain and cryptocurrencies and having the support from a major cryptocurrency fund in South Korea is extremely exciting ahead of our public token sale,” Copel added.

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DAV’s network platform allows a self-driving car owner to give rides to other when it's not in use or use drones to complete deliveries.  While DAV has not revealed how it will integrate Blockchain further into its platform experts say applications like “real-time prioritization” can become significant game-changers in the future.

Real-time prioritization or the ability to optimize your route is one of the many benefits that Blockchain and cryptocurrencies may offer in the future. Imagine if you are running late in your self-driving car or uber to a meeting and can pay your peers using cryptocurrency to be given the fastest route.

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Every autonomous car knows three things, your destination, when you want to be there and where all the other vehicles are on the road; in the future Blockchain could enable this every application, say experts.

Block Crafters Capital is a leading South Korean cryptocurrency fund and raised $45 mln for the ICON initial coin offering in September 2017.

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About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.

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