Foxconn leads $7 million Series A investment in Cambridge Blockchain
Cambridge, Massachusetts USA – [May 15, 2018] – Cambridge Blockchain Inc announced a Series A equity financing today, led by Foxconn Technology Group’s venture arm HCM Capital. HCM was joined by Partech and Digital Currency Group in a $7 million first close, including new capital and conversion of outstanding debt. The funds will extend Cambridge Blockchain’s peer-to-peer Enterprise Data Management software to new applications, including trusted digital identity for individuals, companies, Internet-of-Things (IoT) devices and next-generation supply chains.
Cambridge Blockchain software is used to store, share and validate sensitive data across multiple stakeholders – initial deployments target the costly and complex know-your-customer (KYC) compliance process at financial institutions. Foxconn, one of the top 10 technology companies in the world (ranked by Forbes, 2017), is now exploring deployments of Cambridge Blockchain software for devices and across its own operations.
[add quote from Jack Lee, Managing Partner of HCM Capital covering potential use cases – e.g. supply chain and IoT-enabled manufacturing].
“Foxconn brings a compelling strategic view regarding blockchain and digital identity,” said Matthew Commons, Cambridge Blockchain’s CEO. “We’re thrilled to have Foxconn’s support, as well as the continued backing of Partech and DCG.”
“Blockchain has been a hot buzzword for a few years now but very few software companies have actually reached the point of full scale production rollouts. This is where Cambridge Blockchain has impressed us over the last 15 months, as well as their first production customers in Europe, in the wake of new digital identity regulations taking full force in a few days” said from Romain Lavault, General Partner at Partech.
Barry Silbert, Founder and CEO of Digital Currency Group remarked, “Cambridge Blockchain is a leader in bringing distributed ledgers into large financial institutions. The company is making the KYC verification process more efficient, while laying the groundwork for a future in which users can better own and safeguard their personal information. We are thrilled to continue supporting them.”
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