Solving complex data-driven problems requires a lot of teamwork. But, of course, teamwork is typically restricted to companies where everyone is working under the same roof. While distributed teams have become commonplace in tech startups, taking that to the next level by linking up disparate groups of people all working on the same problem (but not in the same company) has been all but impossible. However, in theory, you could use a blockchain to do such a thing, where the work generated was constantly accounted for on-chain.
That’s in theory. In practice, there’s now a startup that claims to have come up with this model. And it’s raised funding.
Covee, a startup out of Berlin, has raised a modest €1.35 million in a round led by LocalGlobe in London, with Atlantic Labs in Berlin and a selection of angels. Prior to this, the company was bootstrapped by CEO Dr. Marcel Dietsch, who left his job at a London-based hedge fund, and his long-time friend, Dr. Raphael Schoettler, COO, who had previously worked for Deutsche Bank. They are joined by Dr. Jochen Krause, CTO, an early blockchain investor and bitcoin miner, and former quant developer and data scientist, respectively, at Scalable Capital and Valora.
What sort of things could this platform be used for? Well, it could be used to bring together people to use machine learning algorithms to improve cancer diagnosis through tumor detection, or perhaps develop a crypto trading algorithm.