I’d like to start with a heartfelt thank you to our clients, suppliers, and partners for their support as we continue to grow and thrive. A special welcome also to the many new clients with whom we have had the pleasure of working. Your patience, adaptability and trust have helped us get to where we are.
2022 has been a great year for Aurigraph and it’s been a long and difficult road to get where we are today. Over the past few years, we have experienced various challenges including a pandemic, fund raising challenges and delays that have slowed the realization of our ambitions. It’s fair to say that without the resolve of management and your help and support to achieve success, Aurigraph would not be where it is now. For this reason, we have remained focused through these challenging times on pushing this business forward with an eye towards our upcoming IPO.
As we stabilized the platform and got Aurigraph to where we want it to be, we’re proud and happy to highlight some of our key achievements to date. We recently introduced Open Banking and Open Data to the feature set which has found very wide acceptance as we become the FIRST DLT to offer Open Data/Banking in the world, opening so many opportunities and use cases in every market as well as helping solve real world problems with practical and cost-effective solutions for our customers. Among the other many technical achievements for the year we managed to :
1. Improve fault tolerance with even better reduced latency (less than 100 milliseconds).
2. Future proofing Aurigraph security infrastructure with best-in-class enterprise class encryption with Post Quantum Cryptography for both data at rest and in transit
3. Increase transaction handling at nodes, with each node able to handle thousands of transactions for scalable solutions
4. Stronger security features through PKI based digital security for each leg of the transaction while ensuring matching, reconciliation, and Track-and-trace
5. Significant reduction in Aurigraph node footprint by over 60% through porting to Quarkus/GraalVM to bring down resource requirements, reducing power consumption per node to under five dollars per year, and consequent reduction in carbon footprint, making us the Greenest DLT as of date
From the business side, we have also taken great steps in 2022:
1. Our Account Aggregator and Open Banking solutions are gaining wider acceptance as we reduce the cost of Customer Identity and Access management, also known as eKYC to under $3 on a case -to-case basis!
2. We’ve moved in Open Commerce and Open Banking with new engagements in place
3. Numerous use cases are in the process of implementation. Watch this space!
4. Improved our corporate governance greatly - Andy Altahawi and Dr Riad Fawzi joined as Board advisors and Balaji Vasantharajan joined as CFO. We also have Hari Krishna G who advises us on Technology, Ravi Jana and Suresh PN who are bringing in Strategic Alliances. All in all, we have a great team who’ll take Aurigraph even further.
From a strategic perspective 2023 is looking very good. We raised over 700,000 US dollars in 2022 while taking over a soon-to-be listed company in the US. Aurigraph DLT Corp will soon be listing in the US! To help us, we signed a term sheet with a NY based VC at over a billion-dollar valuation, (which is just the icing on the cake) Yes, Aurigraph is going places in 2023! Dr Fawzi is facilitating opening Aurigraph UK while the Indian arm, Instorein Technologies is being merged with Aurigraph, thus making us a true global entity.
As we raise a toast to 2022, we are proud of each member of our team as we leap to 2023 with starry eyes and pumping hearts to take on greater goals and challenges. We’ve done it everyone, and it’s time to look forward to where we go from here. The whole team at Aurigraph wish you and your families a happy and prosperous 2023 while we look forward to exciting times together!
Subbu with Team Aurigraph!