Cairo-based communication platform Pravica has announced it secured an undisclosed investment for a Swiss VC firm to help it scale operations.
Pravica was founded in 2019 by Mohamed Abdou, the startup aims to use Blockchain to empower user privacy and security in the communication industry, specifically messaging apps, where enormous amounts of data breaches are recorded by some of the most popular communication apps worldwide.
The startup leverages its technology to reduce the amounts of data breaches recorded by the communication industry and specifically messaging apps for enterprises.
Mohamed Abdou, Pravica founder and chief executive officer speaking on the funding said: “We are reinventing digital communication protocols by utilizing Stacks Blockchain and its smart contracts to engineering a tamper-proof decentralized identity that is secured by the Bitcoin network and a fully decentralized storage system,”.
CV VC is a leading Blockchain venture capital firm focused on driving the fourth industrial revolution. Its investment focus is on global teams who build applications at the intersection of what it terms ‘Technology for Tomorrow’ (T4T) and six industry verticals, one of which is Security & Identity.
“We are excited by the vision Pravica has developed towards taking a new approach to a highly practical communication suite with ultimate privacy and security standards, enabled by blockchain technology,” said Olaf Hannemann, co-founder and chief investment officer (CIO) of CV VC.
Pravica plans to use the funding to scale up its operations and continue to expand its messaging app to users.