Singapore-based marketing technology firm Ojamu today announced it has raised $1.7 million for its platform that uses blockchain technology in conjunction with artificial intelligence to implement advertising strategies for brands.

According to the announcement, the funds were raised in an oversubscribed private sale that included strategic partners Ascensive Assets, Master Ventures, Moonrock Capital, Morningstar Ventures and others.

Founded in 2019, Ojamu uses a predictive AI engine to analyze data from hundreds of millions of data points to automate marketing solutions based on real-time data. As the platform learns, users – including brands, products, services and mixtures of all three – can use the system to become more competitive with their own campaigns.

Hal Bame, chief executive of Ojamu, said he believes that blockchain technology represents the best possible mechanism for providing distributed data collection for AI. The system is built to be interoperable across multiple blockchains including Ethereum, Polygon, Polkadot, Solana and Avalanche.

“We believe both blockchain and crypto brands and more traditional business brands have an enormous need for automated digital marketing solutions based on AI and blockchain-driven technology — and Ojamu will fill that need,” said Bame.

This year, Ojamu announced two new strategic partnerships including Wasder AB and Wise Token from WiseSoft LLC. Wasder is a blockchain-driven social gaming platform now using Ojamu’s marketing capabilities for its digital marketing efforts into ultracompetitive esports and gaming. Wise Token is a community-focused decentralized finance platform looking to set ethical standards for DeFi.

Digital advertising spending worldwide, which included desktop and mobile, raked in an estimated $378 billion during 2020 according to the website Statista and is estimated to reach as high as $645 billion by 2024. These statistics alone represent the traditional advertising space and don’t scratch the surface of the crypto industry, which has its own pain points to contend with.

“We believe that as the blockchain and crypto space becomes increasingly competitive and mature as an industry, so will the need for advanced marketing solutions,” said Oliver Blakey, managing partner at Ascensive Assets. “The Ojamu team is building a platform which is incredibly adept in its thinking and usage.”

Image: Ojamu