Blockstream, a San Francisco, CA-based provider of blockchain and related technologies, raised $55m in Series A funding.
The round was led by Horizons Ventures, AXA Strategic Ventures, and Digital Garage, with participation from existing investors including AME Cloud Ventures, Blockchain Capital, Future\Perfect Ventures, Khosla Ventures, Mosaic Ventures, and Seven Seas Venture Partners. As part of the round, Horizons Ventures joined Blockstream’s Board of Directors.
The company intends to use the funds to bring blockchain innovation to market using its sidechain technology, expand its operations globally, and support industry partners.
Founded by Austin Hill, Dr. Adam Back, and Bitcoin engineers Gregory Maxwell and Dr. Pieter Wuille, Blockstream leverages a Blockchain platform – maintained within the Elements Project under an open source license – to accelerate innovation in crypto currencies, open assets and smart contracts. The company’s first commercial sidechain offering, called Liquid, provides an interchange settlement service for Bitcoin exchanges and brokerages.
Blockstream also recently announced a strategic partnership with PwC to bring these capabilities to established industry sectors and companies exploring new blockchain applications.