Rikkeisoft and Oraichain Partnership: To Expand AI Blockchain Technology Globally

November 23, 2020 – Rikkeisoft and Oraichain held a ceremony affirming their commitment to work with each other. This is expected to empower the AI Blockchain Technology of both companies.

According to Reportlinker, the global blockchain market size is expected to grow at a compound aggregate growth rate (CAGR) of 29% to USD 8071.49 million by 2024 whilst the demand for AI services is expected to reach $312.4  billion by 2027. Oraichain aims to develop products and services to unlock the full potential of AI and Blockchain. Therefore, in the early stage of Oraichain’s development, it was crucial for the company to begin working with the right strategic partner.

The strategic partnership agreement demonstrated the long-term commitment between the two companies. Further proof was shown in Rikkeisoft investing an undisclosed amount in Oraichain in exchange for 10% of the company's shares. The percentage corresponded to the portion allocated for the team members at Oraichain and would follow an identical vesting schedule. Rikkeisoft Chairman, Ta Son Tung, also joined the Board of Oraichain. He will be advising on sales strategy and help Oraichain leverage AI and Blockchain partnerships in Japan and the United States of America. Also joining the Oraichain board was Rikkeisoft CEO, Phan The Dung, who will oversee finance and finding strategic partners.

Oraichain (https://orai.io) is a platform that aggregates and connects Artificial Intelligence APIs to smart contracts and regular applications. It is the world’s first AI Data Oracle Blockchain platform. Though only founded in September, Oraichain is expected to grow rapidly, developing ecosystems and services within the blockchain industry. 

"At Rikkei, we have been tracking the developments of Oraichain right from the start. We found it unique as it merges the untapped potential of AI and Blockchain technologies. Through this strategic partnership, we are honored to help Dr. Chung and his team build Oraichain. We plan to support Oraichain by helping them develop the network, build AI APIs for the marketplace and support them in finding partners who will bring significant value to the organization. We hope that the partnership will enhance the development of both parties in the future", said Mr. Phan The Dung, CEO and Co-founder at Rikkeisoft.

The partnership allows Oraichain to utilize the various talents of Rikkeisoft's Human Resources pool to assist in the development of Oraichain’s suite of complementary services. In addition to this, Oraichain will be adding 13 new developers to its team before the end of the year to work on its projects. Ten additional developers will also be joining the team as the platform goes into 2021, which is expected to be a pivotal year for the platform. In support of these developments, Rikkeisoft's AI division will be developing AI APIs on Oraichain's AI Marketplace of which will include speech-to-text, text-to-speech, OCR, and various other technologies. Rikkei AI will also be hosting AI competitions for developers to boost Oraichain's AI Marketplace, so as to establish a genuinely competitive AI API ecosystem. Finally, Rikkeisoft's Japanese offices will be helping Oraichain find partnerships with AI and Blockchain companies throughout the country.

"Rikkeisoft is a leading IT company in Vietnam and a trusted partner for many large enterprises in the Japanese Market. Rikkei AI, a subsidiary of Rikkeisoft, will provide high-quality AI APIs to Oraichain. Working together, we hope to enhance the value of Rikkei's products, expand their presence across the globe through our blockchain platform, and accelerate their vision of becoming the #1 IT corporation in Vietnam. We must work with the right strategic partners, and we are glad to have found support from Rikkei at this early stage in our development", said Dr. Chung Dao, CEO at Oraichain Pte. Ltd.

The partnership signed between Oraichain and Rikkeisoft is expected to lead to great things. With the world’s first AI Data Oracle Blockchain platform as their partner, Rikkeisoft seems unstoppable as it goes into the new year. Similarly, Rikkeisoft’s great talents should prove a boon in developing Oraichain’s great potential. Whatever the outcome, things look bright for the future of the two companies.