Factom, Inc., an Austin, TX-based data company working with multi-national companies to integrate blockchain technology for data storage, management and security across industries, raised $400k in seed funding.
Kuala Innovations made the investment, which brought the aggregate pre-money value of the company to approximately US$11m.
The company, which intends to raises a Series A funding in the first half of 2016, intends to use the funds to grow sales and the developer network integrating additional applications, as well as winning other large clients over the next 12 months.
Factom provides software that allows companies to maintain a permanent, time-stamped record of their data tied to blockchains, reducing the cost and complexity of conducting audits, managing records, and complying with government regulations. In the financial services industry, the company’s tools let customers build transparent accountability systems, allowing them to build immutable records that can be synced and shared among multiple parties.
The validation and verification tools let the client audit these transactions in real time or run sophisticated business process analysis of systems in the future.
These audit tools can be also used to build more transparent and accountable claims processing systems for the insurance industry, to enhance the security of data and records within the healthcare and pharmaceutical industries, the telecoms industry, mobile banking, and for online real estate transactions.
The company, which has already sold US$1.2m of its “Factoid” software licenses with over 1,500 software purchasers, has established an active developer network building interesting tools to integrate with Factom technology.
Factom is currently negotiating terms of engagement with a number of large US companies including those in the banking, insurance and healthcare industries.