Jaguar-Backed Blockchain Startup Completes $12 Million ICO

A blockchain startup funded by the venture arm of Jaguar Land Rover has raised roughly $12 million in an initial coin offering (ICO).

DOVU told CoinDesk that it had raised a total of 40,000 ethers, an amount worth approximately $12.5 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.

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