Spring Labs, the Los Angeles, CA- and Chicago, IL-based company behind the Spring Network, a blockchain-based network being designed to allow lenders, banks, and data providers to exchange data with one another, raised $14.75m in seed funding.
The round was led by August Capital with participation from Victory Park Capital, GreatPoint Ventures, Pritzker Group Venture Capital, Multicoin Capital, Wavemaker Genesis (part of the Draper Venture Network), and Jump Capital.
The company will use the funds to build its platform in the coming months and to grow the engineering team.
Led by Adam Jiwan, CEO, Spring Labs is the core maintainer of the decentralized Spring Network, a blockchain based network that will be created to enable financial institutions and data providers to share data and underlying beliefs about credit and identity information. The network will be built on a 2nd generation blockchain, incorporating both public and permissioned nodes to facilitate compliance with regulatory requirements and enforce information security through the use of privacy-preserving smart contracts.