Blockchain Startup Factom Raises $4.2M Series A Funding

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Factom, the Blockchain technology company that secures data via decentralization, announces that it has raised a Series A round of equity funding totalling $4.2M led by Tim Draper of Draper Associates and including  L.P., Draper Associates Partners V, LLC, Propertyinfo Corporation, Star Vista Capital, LLC, CashBUS, BnkToTheFuture, Fenbushi Corporation, Fenbushi Investment Fund, China Canada Angels, Plug and Play, and Tospring Technology Limited. Angel Investors include Kevin Spiers and Darla Spiers, Hillary Ryan, Leon Fu, Roland Hicks, Marc Shubert Living Trust Dtd.

“We are delighted to have venture capitalists of such caliber help us build Factom,” Peter Kirby, CEO and Co-founder of Factom, Inc. “This round of funding allows us to aggressively grow the company and the underlying technology. We started Factom to build a more honest and transparent world using a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems. This funding accelerates our progress down that road.”

Tim Draper stated:

“Securing data is mission critical for governments, banks, car companies, credit card companies, retailers and any company concerned with hacking. Centralized data is prone to critical failure by any individual mistake, whether by user error or malicious hacking. By decentralizing data through the Blockchain, Factom avoids critical failures due to user error or hacker. Factom lets people sleep easy knowing that their bank account won’t be broken into, their car won’t errantly go off the road, and their identity won’t be stolen.”

Factom Apollo and Factom Iris premium products are built on Factom’s open source core software and represent an innovative, lightweight, and scalable approach using the Blockchain to secure records and identity. This is more secure than any other solution on the market. The Series A round of financing enables Factom to further develop its core technology and suite of products.

“Consensus is extremely challenging,” said Paul Snow, Chief Architect and Co-founder of Factom, Inc. “Blockchains first pushed the boundaries of computer science with the simple yet revolutionary ability to trade digital value openly. Now we are pushing the limits of computer science in a second revolution. The Factom protocol allows for the open coordination of processes against immutable ledgers of data. It will have the same kind of impact on data and systems as the first revolution had on value.”

 

 

About Factom, Inc.

Factom, Inc., is an Austin based Blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty.

Draper Associates, founded in 1985, is a seed-stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation.

Factom is a trademark of Factom, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.

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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