Blockchain unicorn Bitfury sets up AI unit to analyze data

Blockchain company The Bitfury Group, which recently hit a valuation of over $1 billion, has launched an artificial intelligence (AI) unit to dig into data.

“Data is becoming the next oil,” Valery Vavilov, Bitfury co-founder and CEO, told Reuters in an interview published on Tuesday. He added that the firm has collected “so much data, but only 2% of all this data has been analyzed; 98% is sitting idle and waiting to be analyzed.”

And to trust that data, blockchain technology is needed, according to Vavilov. Bitfury’s AI unit is reportedly still exploring the range of products it would offer, with more details expected by the end of this year or the beginning of next year.

Bitfury is backed by notable investors, having raised $80 million from venture firms including Galaxy Digital, Macquarie Capital and Dentsu. The blockchain company was also exploring to hold an initial public offering or IPO last year, possibly in Amsterdam, London, or Hong Kong.