Chainvine raises $3.3M in Series A funding from Deepbridge Capital.
Chainvine, a Stockholm, Sweden and London, UK-based company creating databases and ledgers using blockchain technology, announced closing £2.5m ($3.34 million USD) in its Series A funding round led by Deepbridge Capital.
Chainvine will utilise the funds to expand its client base and commercialise its revolutionary ‘Intelligent’ products.
As part of the Series A funding round, Kieran O’Gorman, Technical Partner at Deepbridge Capital has been appointed to the Chainvine board.
Chainvine, founded in 2016 and led by CEO Oliver Oram, works closely with its clients’ management teams to integrate their existing ledger systems into a bespoke blockchain based platform, allowing them to better manage their supply chain and contract data. Chainvine’s platforms enable clients to evolve their existing ledger systems rather than completely overhauling them, by harnessing the potential of blockchain technology without prior technical experience.
The company offers its clients two distinct products.
Firstly, it has created ‘Intelligent Commodities’, which when integrated with Internet of Things (IOT) partners, enables companies to track physical commodities and record supply chain data, e.g. production, transit, and temperature records, on the blockchain. This allows for highly intuitive automated data management.
Chainvine has also developed its unique ‘Intelligent Contracts’ product, which enable its clients to better manage contract data, by ensuring it is permanently recorded on the blockchain and giving them access to the technology’s self-executing digital contracts system.