Blockchain startup Factom has secured yet another significant funding round from prominent Silicon Valley investors to grow its talent pool and exploit the potential of technology.
The $4.2 mln funding round led by billionaire investor Tim Draper of Draper Associates will be allocated in “aggressively growing the company,” allowing its development team to discover a wider range of business problems that can be solved with the greater transparency and security measures of a Blockchain network.
“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,” stated Factom co-founder and CEO Peter Kirby.
“Factom is in the sweet spot”
Tim Draper, one of the largest stakeholders of Factom, told Cointelegraph that Factom is in a “sweet spot” where the security measures and scalability of Blockchain networks are growing and being improved at a rapid pace.
“Factom is in the sweet spot (right place right time) where the Blockchain is mature enough and corporate clients are desperate enough to fight against the hackers and make their businesses safe and transparent,” said Draper to Cointelegraph.
He believes that Factom’s software and Blockchain services will allow large establishments like governments to handle data in a more reliable and efficient ecosystem.
“Governments also need better security from hackers, and the Blockchain avails them of better security than they currently have. I believe that the Factom team has the opportunity and the potential to build a company greater than Oracle and Palantir and IBM combined.”
What will it do with all this money?
With the capital from its investors, Factom has developed and launched a series of Blockchain-based products including Apollo, Iris, and Hera, which utilizes the Blockchain technology to carry out otherwise complex operations and tasks including auditing, data management, personal identification and information authentication.
The security of Factom’s systems and scalability of its network allowed the firm to secure partnerships with leading corporations and establishments, including the US Department of Homeland Security, which provided $199,000 to enhance the security protocols in Blockchain-based IoT (Internet of Things) devices.
Specifically, the Apollo software of Factom designed for governments and major corporations enabled the firm to work with increasing volumes of sensitive data. Currently, Factom oversees nearly 70 million records in its Blockchain network.