Factom Raises $400k at $11 Million Valuation – Blockchain Company

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Kuala Innovations has subscribed for 3.64 per centof the issued shares of Factom a data company working with multi-national companies to integrate blockchain technology for data storage, management and security across industries. Kuala Innovations has acquired 400,000 Seed Series Shares of Factom at a price of US$1.00 per Factom Share for a total cash consideration of US$400,000 At the price paid by the Company, Factom has an aggregate pre-money value of approximately US$11 million. Commenting on the Factom Subscription, Kuala Co-Chairman Mr Jim Mellon noted:

“Factom has the potential to revolutionise the way industries handle, process and store “big data”, applying the huge advances of blockchain technology to real commercial issues and improving existing practices in terms of cost, time and effectiveness. With growing sales, a wide developer network integrating additional applications, and a pipeline of large client wins expected over the next 12 months, the Board believes this seed round investment by Kuala comes ahead of a significant value shift for Factom when it completes its anticipated Series A funding in the first half of 2016.”

Factom’s software allows companies to maintain a permanent, time-stamped record of their data tied to blockchains, reducing the cost and complexity of conducting audits, managing records, and complying with government regulations. In the financial services industry, Factom tools let customers build transparent accountability systems for the financial industry, helping clients build immutable records that can be synced and shared among multiple parties. The validation and verification tools let the client audit these transactions in real time or run more sophisticated business process analysis of systems in the future.

These same transparent audit tools can be used to build more transparent and accountable claims processing systems for the insurance industry and create more valuable models of risk analysis and customer profiling. Factom is working on proof of concept projects with some key insurance providers and learning how to integrate with existing claims systems. Significant potential also exists for Factom technology to enhance the security of data and records within the healthcare and pharmaceutical industries, the telecoms industry, mobile banking, and for online real estate transactions. Factom has sold US$1.2 million of its “Factoid” software licenses.

Factom has over 1,500 software purchasers and has established an active developer network building interesting tools to integrate with Factom technology. Factom is currently negotiating terms of engagement with a number of large US companies including those in the banking, insurance and healthcare industries. With a heavy focus initially on development of their platform technology, the company nevertheless has demonstrated early revenues.

For the 9 months ended 30 September 2015 Factom had gross sales of US$628,337 (resulting in a trading loss of US$358,142 for the period). As at 30 September 2015 Factom had total net assets of US$55,727. Factom continues to focus on revenue growth alongside ongoing development of the Factom technology. Further details regarding Factom are available at its website http://factom.org

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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