CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Blockchain, Inc announced a Series A equity financing today, led by HCM Capital, the venture arm of Foxconn Technology Group. HCM was joined by Partech and Digital Currency Group in a $7 million first close, including new capital and conversion of outstanding debt. The investors expressed their confidence in the company as it prepares to extend its blockchain-based Enterprise Data Management software to new applications.
“HCM has invested in blockchain start-ups since early 2016, as we saw the potential of distributed ledger technology with enterprise use cases including Industrial Internet, IoT-enabled manufacturing, supply chain provenance, trade finance, and payments,” said Jack Lee, Founding Managing Partner of HCM Capital. “However, we soon realized that digital identity is a critical building block to achieve value through decentralized information transfers. Cambridge Blockchain has the best team and experience handling strict requirements from financial institutions for privacy and personal data compliance, which can be extended to grow new applications in the decentralized digital economy of the future.”
Romain Lavault, General Partner at Partech, explained that as the European General Data Protection Regulation (GDPR) takes full effect this month, Cambridge Blockchain is well-positioned to expand its enterprise data management software to serve a broader global market. “Blockchain has been a hot buzzword for a few years now, but very few software companies have actually reached full-scale production rollouts. This is where Cambridge Blockchain has impressed us and their first customers in Europe.”
“Cambridge Blockchain is a leader in bringing distributed ledgers into large financial institutions,” remarked Barry Silbert, Founder and CEO of Digital Currency Group. “The company is making the know-your-customer process more efficient, while laying the groundwork for a future in which users can better own and safeguard their personal information.”
Foxconn, one of the top 10 technology companies in the world (ranked by Forbes, 2017), is now exploring deployments of Cambridge Blockchain software to improve IoT device management and global supply chain operations. “Foxconn’s HCM brings a compelling strategic view of blockchain and digital identity,” said Matthew Commons, Cambridge Blockchain’s CEO. “We’re delighted to have their involvement, as well as the renewed backing of Partech and DCG.”