The company plans to use the funding to further its AI research and product development for Lightning tools.
Amboss Technologies, a data analytics firm focused on the Bitcoin Lightning Network, has raised $4 million in seed funding from Stillmark and several other venture capital firms, including Valor Equity Partners, Draper Associates, Fulgur Ventures and Ride Wave Ventures.
A press release shared with Bitcoin Magazine describes how Amboss “uses data, analytics and a social component to enable users to make strategic decisions on routing payments across the Lightning Network.” The company says that the funding will go towards its efforts in AI research and product development. “By leveraging AI and machine learning, Amboss can add intelligent decision-making tools to their product offering that will help drive node and channel management automation,” the press release said.
Jesse Shrader, co-founder and CEO of Amboss, stated that, “The data analytics platform we’ve built with Amboss showcases the many advantages of the Lightning Network as a community-controlled financial system.” He added, “Our drive to optimize payments with machine learning has attracted strategic investors who understand Lightning’s significant disruptive potential and our role in perfecting global payments.”
“Payment reliability is of critical importance to the enterprises and institutions now considering, currently using, or actively preparing to onboard to the Lightning Network in 2023,” Stillmark Managing Partner Alyse Killeen said. She added that “These businesses are seeking the superior efficiency and availability of Lightning compared to other payment protocols generally and traditional payment systems specifically.” She praised Amboss for providing advanced products that provide a simpler experience of Lightning and one that more closely fits existing client business parameters.
According to the press release, 30% of the network’s nodes are registered on its platform, noting specifically that this includes nodes hosted by industry leaders like Kraken Exchange and Jack Dorsey’s Lightning-focused Block subsidiary TBD.
“Amboss has pioneered incorporating a social layer into its platform, featuring community groups, message boards, reputational scoring, and social sharing.” The press release said. “In the evolving $9 trillion digital payments industry, Amboss’ momentum highlights the transformative benefits of the Lightning Network’s round-the-clock availability, low transaction costs, and enhanced privacy.”