Porto, 28 July 2022 – Portugal Ventures, part of the Banco Português de Fomento Group, is proud to announce the first investment made through Call Azores.
Revault develops blockchain-based cybersecurity solutions for businesses that add transfer rules to Bitcoin transactions in order to minimise the amount that can potentially be diverted, either as a result of unintentional error or theft/fraud.
Unlike competing solutions, which rely on an intermediary and make these parties the target of tempting attacks given the amount of Bitcoins they have in their custody, Revault’s solution allows the owner of the Bitcoins to retain custody of the private keys, imposing transfer rules at the level of the Bitcoin blockchain itself.
This open source solution offers greater security to Bitcoin transfer processes, preventing theft and fraud, either by external parties or by employees within the company itself.
Kevin Loaec, CEO of Revault, says “We are very happy to have Portugal Ventures joining Revault as our first Portuguese and European investor. This investment complements our strategy of bringing VC firms and business angels with know-how and track-record in the Bitcoin industry to our company.”
The Call was launched in partnership with the Azorean Government, where Portugal Ventures and August One, a Singapore-based venture capital fund management company, invest through VCF Fundo Atlânticowith the aim of promoting entrepreneurship, encouraging the development of solutions in sectors considered as having great potential for the region. With Revault operating out of the Azores, and incubated at Terinov, the Autonomous Region may come yet become a leader in Bitcoin cybersecurity in Europe and the US.
The Azores has proven to be a crucial ally in the development of this project, as the archipelago offers unique conditions when it comes to physical security for a company providing this type of service.
Terceira Island is considered a Free Technological Zone, an environment for demonstrating and testing new technologies, where innovative products and services can be safely tested without all the normal regulatory implications related to the activity in question.
Pedro de Mello Breyner, Member of Portugal Ventures’ Board of Directors, says that “the investment in Revault will allow us to reinforce the sales and marketing area of this project, which is currently being launched in the international market. It is solutions like those developed by Revault that help position Portugal as a leader in R&D, boosting the globalisation of national innovation. We are confident that we will put the Azores on the map”.
José Maia, Investment Lead at August One, says that “we are committed to bringing capital, technology, opportunities and talent to the investments we manage. Through VCF FCR Atlântico, we do so by cooperating with Portugal Ventures, with the remit to create a positive impact in the autonomous regions and, of course, create value for our investors. This is the first investment in the growth segment of this fund, in a company that offers a solution particularly suited to internationalisation. A new phase of work is now beginning with Revault to enhance its value, giving it access to opportunities in Asian and other markets where we have a presence.”
Call Azores received 20 applications, with a total amount requested for investment of €4.6 million.
About August One:
August One is a venture capital fund management company regulated by the Monetary Authority of Singapore (MAS). It collaborates with various governments, universities and companies to help develop the potential of existing and emerging companies, through its Investment, Acceleration and Family Office platforms.
In Portugal, August One has partnered with Portugal Ventures under VCF Fundo Atlântico and runs the OneBlue accelerator programme to help companies in the Blue Economy grow and expand into new markets in the Nordic countries and Asia. To learn more, visit www.august.one
