NEM Ventures, the investment division of NEM (XEM), announced that it will start the mentoring & financial support program “Ignite”.
The first support (Cohort 1) will target three companies that will receive mentoring & financial support from NEM Ventures are LCNEM, KarmaPoint, and FactorChain.
Cohort 1 launched! Meet the 3 #Ignite incubatees that will receive mentoring & financial support from #NEMVentures:@lcnem_ja: https://t.co/w1ftEzMCs0
FactorChain AI: https://t.co/5XKsAjVLol@karmapointApp: https://t.co/AkQbge8NPU#NEM gets stronger!#virtual #blockchain pic.twitter.com/0t5kjmFdZ7
— NEM (@NEMofficial) May 6, 2021
LCNEM is a blockchain startup based in Kyoto that develops products based on Symbol blockchain and Cosmos SDK, it also provides DX consulting. LCNEM has a working product “LCNEM Wallet” based on NEM, it also operates a Symbol node.
FactorChain provides financial services for small and medium-sized enterprises (SMEs) utilizing AI and other means. KarmaPoint is a personal credit scoring system that recognizes volunteers and other people who have a positive impact on the environment and rewards them for good deeds as points.
NEM Ignite plans to provide financial and business support for newly born blockchain projects. These projects can get advice from startup experts as well as NEM’s development team.
NEM supported projects can receive up to $10,000 if they are using NIS1 (NEM blockchain) or Symbol blockchain.
Dave Hodgson, MD of NEM Ventures, said at the time of the program’s announcement:
With the launch of Symbol by NEM, we aim to expand our strong ecosystem with a variety of projects that will contribute to the growth of the entire blockchain space.
Ignite is a virtual incubator to drive the growth of the NEM ecosystem. The funds provided can be used for material advancement, website improvements, legal advice, technology development, and software updates.