Gem (formerly BitVault), a Venice, CA-based Bitcoin startup, completed a $2m seed funding round.
The round was led by First Round Capital and Tekton Ventures with participation from RRE Ventures, MESA+, Amplify.LA, Birchmere Labs, Idealab, Baroda Ventures, Wavemaker Labs, Bitcoin Shop, Inc. (OTCQB: BTCS), Crypto Currency Partners, QED Associates, and angel investor James Joaquin.
The company intends to use the funds to accelerate the growth of its API.
Founded by Micah Winkelspecht in 2014 and also led by Ken Miller, COO, Gem provides a platform for storing Bitcoin and other digital currencies which was recently launched in private beta at TechCrunch Disrupt SF 2014. It allows developers to build feature-rich applications in using a few lines of code.