Two Startups from Hyderabad selected for UNICEF Crypto Fund

Jul 28, 2020 03:00 PM

Two start ups 'Avyantra' and 'StaTwig' from the city of Hyderabad are going to receive investments from UNICEF Cryptocurrency Fund (CryptoFund) to solve local and global challenges. These are the only two start ups in India selected by UNICEF.

The CryptoFund will invest 125 ETH (approx 21,68,328 INR) in the eight companies – from seven countries – to develop prototypes, pilot, or scale their technologies over six months. The other six companies are: Afinidata, Cireha, Ideasis, OS City, Somleng and Utopic.

All these eight companies have previously received $1,00,000 from UNICEF's Innovation Fund and are now receiving cryptocurrency to continue the development of their open-source and digital public goods.

“We are seeing the digital world come at us more quickly than we could have imagined – and UNICEF must be able to use all of the tools of this new world to help children today and tomorrow,” says Chris Fabian, Senior Adviser, co-Lead, UNICEF Ventures. “The transfer of these funds – to eight companies in seven countries around the world – took less than 20 minutes and cost us less than $20. Almost instant global movement of value, fees of less than 0.00009% of the total amount transferred, and real-time transparency for our donors and supporters are the types of tools we are excited about.”

Avyantra is expanding the functionality of its health app which uses data science to support frontline health workers in the early diagnosis of neonatal sepsis.

StaTwig is piloting its blockchain-based app by partnering with the Government of India to track and improve the delivery of rice and support their effort to secure food for millions living in poverty – a need amplified by the onset of COVID-19.

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