Spring Labs, a Chicago, IL- and Los Angeles, CA-based developer of a blockchain-based platform to share information and data globally, raised $23m in Series A funding.
The round was led by GreatPoint Ventures with participation from existing investors August Capital, as well as General Motors Ventures, the corporate venture capital arm of General Motors, RRE Ventures, Galaxy Digital, Multicoin Capital, The Pritzker Group, and CardWorks. Following its investment, GreatPoint Ventures Founder and Managing Partner Andrew Perlman will join Spring Labs’ Board of Directors.
The company intends to use the funds to accelerate the development of new products as well as the Spring Protocol itself.
Founded in 2017 by Adam Jiwan, CEO, Spring Labs is a technology company building the Spring Protocol, a blockchain-based network that enables network participants to exchange valuable information without sharing underlying source data. The initial use case for the Spring Protocol will facilitate the exchange of identity, fraud, and risk information among financial institutions to create a secure ecosystem for consumer financial data.