THE WHAT? Cosmose AI saw its valuation soar to SGD$500 million following a strategic investment funding round led by the Near Foundation, according to a report published by Nikkei Asia. The amount raised was not disclosed.

THE DETAILS As part of the deal, the Singapore-based retail analysis firm will use the Near Protocol in two of its products. KaiKai will use Near to create its own cryptocurrency for payments and shopper rewards.

THE WHY? Near Foundation is behind Cosmose AI’s blockchain network, Nikkei reports, so the pair have an established working relationship. This investment will be mutually beneficial with Near’s energy-efficient solutions for data storage and management benefitting Cosmose’s customers.