Skuchain, a Mountain View CA-based developer of blockchain-based products for B2B trade finance and supply chain finance, raised a funding round of undisclosed amount.
Backers included Amino Capital, Digital Currency Group, and Fenbushi Capital.
The company is using the funds to conduct development projects currently under way with multiple international banks.
Co-founded by Sriram Srinivasan and Zaki Manian, Skuchain builds blockchain based products for B2B Trade and supply chain finance market, which is currently dominated by products like Letter of Credit ($2.3 Trillion) and Factoring ($3 Trillion).
The company aims to leverages blockchain, which offers a secure and digitized solution that can increase speed, decrease cost, and make financing available to small and medium sized businesses in locations previously not accessible, to disrupt how trade transactions work today, still paper-based, with original documents forwarded around the world. In addition, they result complex (involving numerous entities including buyers, sellers, logistics providers, banks, customs, and other third parties), and burdened by lack of trust, long distance, high costs, and complexity.