Blockchain Startup Factom, Inc.™ Raises Series A Funding
Factom, Inc., the blockchain technology company that secures data via decentralization, announces that it has raised a Series A round of equity funding led by Tim Draper of Draper Associates.
“We are delighted to have venture capitalists of such calibre help us build Factom,” Peter Kirby, CEO and Co-founder of Factom, Inc. "This round of funding allows us to aggressively grow the company and the underlying technology. We started Factom to build a more honest and transparent world using a pretty simple approach: create software that makes it impossible to change the past and point that software at places where it solves valuable business problems. This funding accelerates our progress down that road."
Tim Draper stated, “Securing data is mission critical for governments, banks, car companies, credit card companies, retailers and any company concerned with hacking. Centralized data is prone to critical failure by any individual mistake, whether by user error or malicious hacking. By decentralizing data through the blockchain, Factom avoids critical failures due to user error or hacker. Factom lets people sleep easy knowing that their bank account won’t be broken into, their car won’t errantly go off the road, and their identity won’t be stolen.”
Factom Apollo and Factom Iris premium products are built on Factom’s open source core software and represent an innovative, lightweight, and scalable approach using the blockchain to secure records and identity. This is more secure than any other solution on the market. The Series A round of financing enables Factom to further develop its core technology and suite of products.
"Consensus is extremely challenging,” said Paul Snow, Chief Architect and Co-founder of Factom, Inc. “Blockchains first pushed the boundaries of computer science with the simple yet revolutionary ability to trade digital value openly. Now we are pushing the limits of computer science in a second revolution. The Factom protocol allows for the open coordination of processes against immutable ledgers of data. It will have the same kind of impact on data and systems as the first revolution had on value."
About Factom, Inc.
Factom, Inc., is an Austin based blockchain technology company that’s on a mission to make the world’s systems honest. People and institutions today can solve hard problems and change the world for the better when they have a reliable framework to build upon. Honest systems free up dead capital, which allows companies to grow and helps people to lift themselves out of poverty.
About Draper Associates
Draper Associates, founded in 1985, is a seed-stage venture capital firm that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation.
Factom is a trademark of Factom, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.