Microsoft Selects Onchain to be Part of Microsoft Accelerator

Onchain, the blockchain enterprise behind Ontology, was recently selected to become part of Microsoft Accelerator. Microsoft will provide human and financial resources, strategy advice, and market expansion tools to Onchain as a member of the accelerator. Both companies will work together on the development of blockchain technology and its expansion across industries.

Known as the Harvard of the IT industry, Microsoft Accelerator was launched to tap into powerful and promising startups across the world. The first Microsoft Accelerator in China was established in Beijing in 2012 and the second was founded in January 2017 in Shanghai.

Microsoft Accelerator twice a year selects between 15 and 20 companies from thousands of startups. The returns of the selected companies are rich; each startup receives between four to six months of Microsoft ecosystem innovation and entrepreneurship resources. Microsoft gives the selected companies access to its major clients which provide a full range of market support, promote industry solutions with Microsoft Azure, and help companies make new business and client connections.

Past participants of the initiative have experienced speedy business development. According to statistics, as of August 2017, Microsoft Accelerator had worked with 170 startups in China with a total valuation of more than 56.6 billion yuan. On average there was a 400% valuation increase of each company, 93% of businesses became recipients of another round of investment, four companies have been listed on China’s New Third Board Market, and there were 13 mergers and acquisitions.

Onchain was selected for its outstanding performance in the global blockchain industry. The team has developed and operated many blockchain projects across industries, including providing blockchain solutions for the financial sector and government agencies. In November last year Onchain launched a next generation public chain platform — Ontology. Ontology uses a public blockchain model with basic common services including identity mapping, data exchange, and smart contract services. Ontology provides various modules and protocols, providing services for side chains and improving scalability of the entire ecosystem. Along with onboarding services, Ontology allows teams of all technical backgrounds to deploy distributed/decentralized services rapidly across industries.

With its design Ontology is geared to become a mainstream blockchain infrastructure, supporting projects in reducing costs, increasing efficiency, and promoting accessibility.

In 2017 Onchain ranked among KPMG’s top 50 fintech companies in China and received tens of millions of yuan in investment from corporate investors Fosun. A representative from Microsoft Accelerator shared with Ontology that he believes the decision to select Onchain will be a win-win opportunity for the two companies.

Li Jun, Co-Founder of Onchain and Founder of Ontology, said he is pleased to be part of Microsoft Accelerator and begin collaboration with Microsoft Azure and other Microsoft technologies and platforms. At present Onchain and Ontology are growing rapidly. We anticipate with Microsoft Accelerator Ontology will begin new endeavors and develop existing ones. At the same time, with the abundant resources available from the accelerator, Onchain will be able to connect with more customers, partners, funding, and talent. Onchain will also work with Microsoft Accelerator to explore application direction for blockchain and cloud computing, AI, big data, internet security, and more.