Jaguar-Backed Blockchain Startup Completes $6 Million ICO

Blockchain data startup DOVU has raised roughly $12 million in an initial coin offering (ICO).

AccessTimeIconOct 19, 2017 at 3:30 p.m. UTC
Updated Sep 13, 2021 at 7:03 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A blockchain startup funded by the venture arm of Jaguar Land Rover has raised roughly $6 million in an initial coin offering (ICO).

DOVU told CoinDesk that it had raised a total of 20,000 ethers, an amount worth approximately $6.2 million at press time. The token sale was divided in two parts, including a pre-sale and a public sale that concluded on Tuesday.

The startup had previously received an investment from InMotion Ventures, Jaguar Land Rover's investment outfit. Creative England, a fund backed by the U.K. government, also bought an undisclosed stake in the firm.

DOVU is aiming to build a platform through which users will voluntarily submit data (from traffic reports to weather conditions) and be rewarded through the distribution of the "DOV" tokens. The idea is that the token will act as an incentive for getting more information on the platform, which can then be sent to connected devices and other entities that are using the network for up-to-date transport data.

In statements, the company said that the ICO is "the beginning" of a longer process to come, with the funding being devoted in part to building out the existing DOVU team.

"Over the course of the next few months we’ll be announcing exciting partnerships and protocol developments. We’re going the hire the best blockchain talent, so if that’s you, reach out. Now the hard work starts," said Irfon Watkins, DOVU's CEO.

As shown by CoinDesk data, the blockchain use case has seen growing interest since the start of the year. According to CoinDesk's ICO Tracker, more than $2.5 billion has been raised through the funding model to date.

Correction: This report has been corrected to reflect the actual amount raised in the sale. CoinDesk regrets the error.

Image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.