The leading blockchain based data management solutions provider, Factom has received another round of funding. The platform has announced the successful closure of its Series A fundraising round totaling $4.2 million in its latest press release.
According to the company, the Series A fundraising round was led by Tim Draper of Draper Associates, a well-known investor in the tech circles. In a press statement, the co-founder and CEO of Factom Inc., Peter Kirby has expressed his pleasure at having venture capitalists of such caliber as part of the company.
Factom will be using the newly received funds for further development and expansion of the platform. Other investors in the Series A investment round includes Draper Associates Partners V, Propertyinfo Corporation, Star Vista Capital, CashBUS, BnkToTheFuture, Fenbushi Corporation, Fenbushi Investment Fund, China Canada Angels, Plug and Play and Tospring Technology Limited. Angel investors; Kevin and Darla Spiers, Hillary Ryan, Leon Fu, Roland hicks and Marc Shubert Living Trust Dtd have also invested in the platform.
Tim Draper has hailed Factom’s achievements by stating its importance in securing critical data belonging to the governments, banks, credit card companies, retailers, car manufacturers and other organizations prone to hacking attacks. Decentralization of data using blockchain