Perth-based start-up Powerledger is on track to achieve the same level of success as tech unicorn Canva, according to high-profile venture capital investor Bill Tai. He's confident that valuations will bounce back despite what?s expected to be a period of prolonged pain for the start-up and crypto sectors.
Dr Tai has revealed an undisclosed stake in Powerledger, an energy trading start-up that uses blockchain technology and is targeting a million users by 2025.
?Powerledger has a real application and real utility that delivers value to customers,? Dr Tai said. ?In the end to build any business, you have to provide value to people who will pay for it.
?While Powerledger?s technology does rely on blockchain, it uses it as a system for accounting of chunks of electricity moving around a marketplace of electricity, and to me, that?s always made sense and it?s a question of when the markets will catch up to the concept. "
?You always want to be ahead of those changes and I think Powerledger is ahead of the curve in a real-world application that has a massive market. It?s just a matter of time for them,? said Mr Tai.
Powerledger is a blockchain-based energy platform that currently operates in 12 countries. The company's proprietary software works alongside existing infrastructures to allow consumers and producers alike to track, trace as well as trade every kilowatt of electricity they use.
Dr Tai added that Powerledger shared a lot of the characteristics of Canva, Australia?s richest start-up, in that it?s efficient with its capital and has a massive global market opportunity.
