CoreChain Technologies, a New Haven, Conn.-based digital B2B payments network built on blockchain, raised $1.25m in pre-seed funding.
Backers included Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital.
The company intends to use the funds to accelerate enterprise customer adoption and expand its payments and financing network.
Led by Chris Aguas, Founder and CEO, CoreChain is using enterprise blockchain technology to power B2B payments and financing streamlining the manual processes and reconciliation while mitigating fraud. CoreChain also creates lending opportunities to finance the working capital being held in unpaid invoices. Since its launch in September 2020, the platform has processed over $300 million in B2B payments for enterprise buyers, including transactions for channel customers, such as PaymentWorks. Available as a white label platform, CoreChain allows any ERP or Business Process Automation software company or banks and other payment networks to offer a blockchain-based B2B payments solution to its enterprise clients. It also natively supports settling funds via digital assets and digital currencies, as well as exchanges with other cryptographic currency networks such as Ethereum.