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COBALT advises on ICO of Robot Vera

2017-09-11

The Banking & Finance and IP & Infotechnology team of COBALT is advising on ICO of Robot Vera. Robot Vera specialises in mass hiring, and does all the work 10 or more times faster than a human recruiter. Robot Vera is able to recognise the candidate's emotions in video interviews and also conduct conversations in virtual reality. It is also learning to lead a "live conversation" and answer the counter-questions of applicants about the vacancy and the employer.

Over the last 1.5 years, the company developing Robot Vera has raised investments amounting to more than $1.1 million from the Internet Initiatives Development Fund (IIDF), one of the most active venture capital funds in Europe. The company is mainly active in Russia and decided to organise an ICO to raise up to $10 million for global expansion.

ICO (initial coin offering, also referred to as token sale) has become increasingly popular type of crowdfunding, the estimated total amount raised during 2017 already being well in excess of $1 billion. ICO is arranged through a blockchain platform using smart contract functionality, cryptographic tokens can be acquired for crypto or fiat currency and later sold on various crypto exchanges.

Our work comprised of advice on regulatory matters and drafting documentation for the ICO. The client was advised by partners Kristel Raidla-Talur and Pirkko-Liis Harkmaa and associates Christine Mägi, Mattias Tammeaid and Aleksander Tsuiman.

Further information on ICO of Robot Vera can be found here.