Factom, a startup that developers solutions that leverages the bitcoin blockchain has raised $4.2 million in a new round of funding led by Tim Draper of Draper Associates.
Factom Inc., a blockchain technology company that has previously revealed major projects such as creating land titles via the bitcoin blockchain in Honduras, has announced a Series A round of equity funding for $4.2 million.
Led by Tim Draper of Draper Associates, the funding round will further help in bringing in new personnel and in the development of Factom software that leverages the bitcoin blockchain for real-world applications.
In statements, Factom CEO and co-founder Peter Kirby said:
This round of funding allows us to aggressively grow the company and the underlying technology.
Lead investor Tim Draper sees decentralized, blockchain-secured data as the solution to many core concerns in infrastructure across various industries. Putting a pin on the growing concern of hacking and data tampering, Draper sees governments, banks, car manufacturers and retailers among other industry sectors susceptible to the steep pitfalls of data hacking.
Centralized data is prone to critical failure by any