News

Animoca Brands picks up majority stake in AI accelerator Zeroth for $1m

Date Type Companies involved Size
October 2nd, 2018 acquisition Animoca Brands
Zeroth
$1m
Animoca Brands picks up majority stake in AI accelerator Zeroth for $1m

Hong Kong-floated publisher Animoca Brands has acquired a 67 per cent stake in AI accelerator Zeroth for just over $1 million.

The deal will be paid for with $720k in cash and approximately $360k in Animoca Brands shares.

The publisher will also underwrite $2 million worth of investment into Zeroth SPC. The company said this would provide participants with ‘Limited Partner’ status, granting them claims on proceeds from the companies the AI and blockchain start-ups that have gone through the accelerator.

Deeper relations

Animoca hopes its investment will help support the growth of its AI and blockchain-based initiatives, as well as bring it closer to other companies working in the space.

Hong Kong investment firm Sun Hung Kai & Co has also entered into a ‘Memorandum of Understanding’ with Zeroth SPC, which could result in investments in the AI accelerator or companies in its portfolio.

To date Zeroth has supported 33 companies through its accelerator, snapping up a six per cent stake in each company. On top of that, it’s made eight separate investments in blockchain tech firms.

We were impressed by Zeroth’s rise to one of the most influential AI accelerators in Asia as well as a major investor in blockchain," said Animoca Brands chairman and co-foudner Yat Siu.

"As Animoca Brands continues to expand its AI and blockchain initiatives, Zeroth provides us with an excellent strategic match, invaluable resources, and access to high-potential ventures and technologies."


Senior Editor

Craig Chapple is Senior Editor of PocketGamer.biz and InfluencerUpdate.biz. He was previously Deputy Editor at Develop and Online Editor at Nintendo of Europe.

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