Ex-TikTok execs’ Web3 startup bags $3m seed money

Deepti Sri co-reported this article.

Atem Network, a Singapore-based Web3 startup, has raised US$3 million in its seed round, it told Tech in Asia.

The round was led by INCE Capital and was joined by GSR Ventures, Mask Network, Mirana Ventures, A&T Capital, Atlas Capital, Foresight Ventures, Zonff Partners, and Michael Zhang, who is the co-founder of Chinese question-and-answer platform Zhihu.

Atem Network CEO Leo Li / Photo credit: Atem Network

Nearly 80% of the funding will be used in building a multichain Web3 social platform, while the rest will be invested in marketing to attract users.

Building blockchain communities

On the Atem platform, group spaces can be initiated using tokens and NFTs (non-fungible tokens), allowing users to chat, trade, and govern. This will create a community exclusively for crypto and NFT owners.

“We will scan the user’s wallet and, based on that information, we will know what tokens or NFTs the user holds,” Leo Li, CEO of Atem Network, told Tech in Asia. Then the platform will automatically put users in group spaces based on mutual tokens or NFTs that they own.

All spaces and channels on Atem will be under the governance of a DAO (decentralized autonomous organization).

This means users co-decide the rules of the communities. Data is stored in a decentralized way with end-to-end encryption, which guarantees complete anonymity and allows users to be in control of their data, identity, and governance, according to the company.

Solution for a Web3 social infrastructure

The company is aiming for a beta release of its chat product in mid-March, and it will be offering its first 5,000 limited edition NFT passports to the crypto and NFT communities. Anyone who holds the passport will get first-hand experience on the Atem platform and additional future rewards.

The team is also currently working on a “user portrait” feature based on on-chain data, which will serve different decentralized app developers and work to recommend group spaces and channels on Atem.

“We will also work on multichain development in the future,” Li said.

In the long-term, the company wants to become the go-to solution for the social infrastructure of Web3.

The TikTok link

The company was co-founded in November 2021 by Li and COO Eric Chan.