Onchain have announced that they have been selected to join the Microsoft Accelerator program. Onchain is the blockchain enterprise behind Ontology, with Da Hongfei, Erik Zhang and Li Jun amongst its co-founders. Onchain also provides consortium blockchain development services, and last year received investment from Fosun Group, one of China’s largest private conglomerates. Microsoft Accelerator is a program that provides resources to outstanding start ups to aid in business development.
Twice a year Microsoft Accelerator selects 15 – 20 companies to receive access to Microsoft’s innovation ecosystem and entrepreneurship resources, financial resources, strategy advice and access to major clients. As of August 2017, Microsoft Accelerator has worked with 170 start ups in China with a total valuation of close to $9 billion USD. Companies involved saw an average 400% valuation increase and 93% became recipients of another round of investment.
Onchain was selected for the program because of its work in the global blockchain industry. Onchain has developed private chains for organisations such as the Guiyang government, China Clearing and Everbrite Securities, and is also responsible for the development of Ontology, which is aiming to be a mainstream blockchain infrastructure.
Onchain has also been ranked as one of the top 50 fintech companies in China by KPMG for two years running. KPMG is a global network of professional service firms. Companies are evaluated on six core factors, including application of the latest technology, data-driven models, innovative business models, the ability to address current issues, and improvement in financial efficiency.
According to Ontology’s blog post, Li Jun, co-founder of Onchain and founder of Ontology, said he is “pleased to be part of Microsoft Accelerator and begin collaboration with Microsoft Azure and other Microsoft technologies and platforms.” Ontology and Onchain are hopeful that the Microsoft Accelerator program will help connect their already rapidly growing business with customers, partners, funding, and talent, along with providing opportunity to explore more applications for blockchain technology.
For more information on Onchain you can visit their website – http://www.onchain.com/en-us/