ReadON (readon.me), a company that aims to provide users with a brand-new content consumption experience by utilizing blockchain, completed its seed investment round of $2M led by SevenX Ventures.
Other investors included HashKey Capital, Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund, Smrti Lab and individual investors. The seed funding will be used to develop a ReadON mobile application and a decentralized recommendation system.
Neo Y., Cofounder and CEO of ReadON, is a serial entrepreneur who founded a games and applications company that made over 500K DAU, $10 million in revenue in 2020. Neo previously worked as the Director of Product at Qutoutiao (NASDAQ: QTT), responsible for designing the best Play2Earn product in China with 30M daily active users.
Troy H., Co-founder and CTO of ReadON, was formerly the senior technology manager at ByteDance. Prior to that, Troy was a senior tech lead at Pinterest (NYSE: PINS). Troy received his Master of Computer Science from Natural Language Processing lab at Carnegie Mellon University.
“Traditional internet platforms have supreme authority over content distribution and user data, based on which they feed content to users instead of allowing them to choose the content they want, resulting in information silos created by algorithms,” said ReadON’s co-founder Neo.
ReadON aims to create a distinct distribution model by allowing the community to upvote and curate the content to enable users to access high-quality content efficiently.
Users with experience, knowledge, and influence on different topics can gain voting power through the Topic-bound NFT mechanism and cast their judgment on curators. With the help of the True-Read technology, content consumers’ reading behaviors can also change the rating of curators.
ReadON aspires to attract and bring more creators and curators into the Web3 world, enriching the on-chain content ecosystem. In the future, ReadON will also launch plug-ins that help creators readily claim their ownership of content produced on Web2 social media platforms such as Medium.
As ReadON’s co-founder Troy noted, “the essence of ReadON is to give creators ownership to their contents without changing how they create and publish, allowing authors, readers and editors to profit from their contributions. ”
ReadON is a decentralized content distribution platform that has created an incentive mechanism for consumers, curators, and creators, along with a unique Topic-bound NFT design. ReadON seeks to help users efficiently and freely access quality content, break information silos and explore a real new world.
ReadON was the only project to win the Community Choice Award during the Solana Riptide Global Hackathon held in April 2022. The public beta of ReadON’s mobile application will release this September.