The deal comes together with a pre-seed investment round where Ocyan received capital, lead by QVentures and joined by Wayra UK (Telefónica’s global open innovation arm). According to Brian Hatton, Partner at QVentures: “We are very excited to be leading Ocyan’s funding round and joining the board of a company revolutionising the enterprise market for blockchain applications”.
Based at the Bayes Centre, Ocyan is one of the start-ups which is part of the 2019’s AI & Blockchain Accelerator. The programme is a collaboration between Wayra UK and the University of Edinburgh, it is also supported by Scottish Enterprise and sponsored by Cisco. Ocyan is an end-to-end cloud operating system for enterprise blockchain and P2P networks and it was awarded “Start-up of the year” by Horizon Event in 2019.
This agreement will make Telefónica one of the leaders in the enterprise blockchain market, by being able to target large enterprises to SMEs use cases in multiple industries. The future plans are to expand the TrustOS offering with more Application Programming Interface (APIs) and applications for Internet of Things (IoT), tracing & tracking, ID, settlements, tokenization and other future uses.
Since joining the AI & Blockchain programme in 2019, Ocyan expanded its business to the UK, Spain, Germany and Italy.
Getting start-ups to work together with Telefónica is one of Wayra’s main differentiation. To date, over 300 start-ups have been through one of Wayra UK’s programmes and 136 trials and contracts have been signed between the start-ups and Telefónica, generating over $18M in revenue for the portfolio of start-ups.