Cambridge Blockchain Raises $2 Million for Digital Identity Enterprise Software; Investors Include Partech Ventures and Digital Currency Group
Cambridge Blockchain, LLC announced the closing of a $2 million convertible note today, with participation from leading technology investors Partech Ventures and Digital Currency Group. The funds will be used to accelerate deployments of Cambridge Blockchain’s digital identity enterprise software for financial institutions. “We’re thrilled to have the support of Partech and DCG,” said Matthew Commons, Cambridge Blockchain’s CEO. “DCG is one of the world’s most experienced blockchain investors, and Partech’s strategic relationships with European financial institutions will help us expand in important new markets for our technology.”
Financial institutions face growing compliance challenges related to identity, with know-your-customer costs that can reach hundreds of millions of dollars per year for large banks. Strict data privacy rules such as the European General Data Protection Regulation also limit the ability to access validated customer identity attributes from other trusted parties. Cambridge Blockchain’s distributed architecture resolves the competing challenges of transparency and privacy, resulting in faster customer onboarding, lower costs, and enhanced compliance through a single, trusted and consistent view of customer reference data.
“We believe Cambridge Blockchain is the most promising company to seize this huge market opportunity and a clearly beneficial application of Blockchain technologies. We’ve been impressed by the team of co-founders who has both prior startup experience and a strong vertical expertise, and has inked their first commercial partnerships” explained Romain Lavault, General Partner at Partech Ventures.
Barry Silbert, Founder and CEO of DCG remarked, “In today's world, managing identities across applications and platforms is becoming increasingly challenging and cumbersome, and high profile data hacks have highlighted the vulnerability of these systems. We are excited to see Cambridge Blockchain working to build blockchain-based technology to collect and share identity data across organizations in a safe, secure, and transparent manner that protects users while offering efficiency to institutions.”
Cambridge Blockchain has won FinTech competitions including BBVA Open Talent 2016 and the Santander InnoVentures Distributed Ledger Challenge. Cambridge Blockchain graduated from the 2016 FinTech Innovation Lab – run by the Partnership Fund for New York City and Accenture – where executives from top financial services firms and leading entrepreneurs mentor growth-stage companies.
The company is currently developing its digital identity software with several leading global financial institutions, with commercial deployments planned for late 2017.
Cambridge Blockchain, LLC
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
FCF-FISHERY26.5.2018 20:04 | pressemeddelelse
FCF: Greenpeace Allegations Unfair and Deceptive
IBC25.5.2018 20:22 | pressemeddelelse
NBC Universal, Havas Group and Endemol Shine Discuss a Future with AI, Blockchain and VR at IBC2018
THE-FRENCH-PAVILION25.5.2018 11:28 | pressemeddelelse
Pavilion of France at the 16th International Architecture Exhibition – La Biennale di Venezia
SIA25.5.2018 10:32 | pressemeddelelse
SIA Acquires Card Processing Businesses in Central and Southeastern Europe from First Data
PA-WESTINGHOUSE-ELECTRIC25.5.2018 08:02 | pressemeddelelse
Westinghouse Accident Tolerant Fuel Development Moves Forward with Cooperation Agreement with ENUSA
BRIC-HOLDING25.5.2018 08:02 | pressemeddelelse
BRIC HOLDING Offers Aimedis – ICO: Germany’s Leading eHealth Platform Goes Public
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum