Factom, the Austin-based provider of blockchain-as-a-service to enterprise customers, secured a $4.2 million Series A round of funding backed by Tim Draper, of Draper Associates.
The funding will be used to expand the team to further the development of their suite of products, which represent a lightweight, scalable approach at using the blockchain to protect identity and records.
“We are delighted to have venture capitalists of such calibre help us build Factom,” Peter Kirby, CEO and Co-founder of Factom, said in a statement. "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."
The company built the products Factom Apollo, a software designed to mitigate risk of centralized databases, and Factom Iris, a platform protecting IoT devices from hackers, on Factom’s open source core software.
Factom, founded in 2014, partnered with the U.S. Department of Homeland Security for a project called “Blockchain Software to Prove Integrity of Captured Data From Border Devices.” The focus of this project is to prevent spoofing and ensure data integrity of IoT devices.
