Estonia-based lomob Technologies OU, a blockchain-based firm that is developing a “mobility marketplace network and token” has received an investment from Cypher Capital.
Cypher Capital is a VC firm based in the UAE, and active in the global crypto, blockchain, and digital asset space. The deal terms were not disclosed. Iomob previously received an investment from True Global Ventures, with co-investment from impact-focused funds A100x and Creas.
Iomob was incorporated in 2018 by three Ph.D. co-founders based in Barcelona, Spain. The company reports that it has deployed trials with major enterprise customers in New Zealand, Spain, and Scandinavia, and is now deploying commercially in the United Kingdom, United States, and Portugal.
lomob’s website describes its service as follows:
“A global decentralized mobility network whereby any vehicle – public, shared, private, electric, or autonomous – can be discovered, combined, booked, unlocked, and paid for by any user of any interface.”
The company claims the market is around $6 trillion.
Boyd Cohen, CEO of Iomob, said the support of Cypher Capital will help them develop a “new, decentralized, interoperable, global mobility networks that will be the cornerstone of the ‘Internet of Mobility’ philosophy that is beginning to reshape how we conceptualize global transportation.”
Vineet Budki, Managing Partner and CEO of Cypher Capital, called lomob the missing piece that activates the value of blockchain in transportation:
“Iomob’s impressive traction in the transportation market, decentralized approach, proven technology, and budding partnership with leaders in the Metaverse, along with strong investor support to date and an ambitious team of start-up veterans and developers, has them well-positioned to deliver on a truly sophisticated vision for how we move.”