Gospel Technology, a London, UK-based private blockchain data management software startup, raised £1.4m in funding.
The round was led by LocalGlobe, which joined existing angel investors including Gumtree co-founder Michael Pennington and Vivek Kundra, the Chief Information Officer for the US Government during Barack Obama’s administration.
The company intends to use the funds to develop its software further and to double its headcount from 25 over the next 18 months.
Founded in December 2016 by entrepreneur Ian Smith, Gospel has developed a way of securely distributing data across modern decentralised infrastructures. It offers companies the potential to automate records for complex products that currently require significant manual management. The company has been working with one of the UK’s biggest aerospace and defence manufacturers to develop a proof of concept to improve record keeping for its supply chain.
Through Gospel’s technology, the manufacturer can share only the information it needs to, securely, with other partners in its supply chain, potentially leading to improved efficiency and lower costs of information recall.
The company uses a private blockchain that requires users to set up a network of “nodes” within their ecosystem. Each party controls their own node and all the nodes must agree before any transaction can be processed and put on the blockchain. The node network acts as a consensus and provides a mechanism of trust.
Gospel is working with clients in retail, finance, automotive, aerospace and defence, government, healthcare, media, telcos and manufacturing.