Enterprise blockchain provider BlockApps has announced that it has raised $41 million in Series A funding. This round was led by venture capital firm New Enterprise Associates (NEA), with participation from other notable firms such as Samsung Ventures, Google Ventures, and Comcast Ventures. Crypto Lists LTD reports that the company plans to use the new funds to expand its sales and marketing efforts, as well as to develop new products and features for its platform.
The Finer Details of BlockApps funding
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Morgan Creek Digital, Eidetic Ventures, and Givic were among the new participants in the round. Existing investors ConsenSys, Bloccelerate, and Tachyon Ventures also contributed rather generously. This brings BlockApps‘ total funding to date to $70 million. Do they really need that much? What will BlockApps do with the newly raised money?
Blocksolve will also use the money to “expand its associate program and include more real assets to STRATO, the company’s industry-leading enterprise blockchain platform.” Similar to other networks, an enterprise blockchain is a decentralized platform that allows users to communicate and interact with one another. The visibility of data on this network is restricted to the participants, which makes it ideal for businesses that want to keep their data private.
This is a huge vote of confidence in the company and its technology, which is already being used by major enterprises such as Samsung, Google, and Comcast. With this new funding, BlockApps is well-positioned to continue its growth and dominance in the enterprise blockchain space.
Blockchains are the topic of the day and are being studied, used, and developed in many industries. In 2015, BlockBlocks was founded to “address some of the world’s biggest challenges and encourage sectors to reconsider what is possible with blockchain technology — especially when it comes to navigating today’s sustainability challenges and supply chain difficulties,” according to Murtaza Hussain, the company’s CEO.
In 2015, STRATO debuted on Microsoft Azure, and its clients include Bayer Crop Science, the United States government, and Blockchain for Energy, a consortium of major energy companies. BlockApps has released an application that traces food and agricultural items from seed to retail, in just 14 months. It’s also developed a carbon data management solution for businesses.
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More on BlockApps
BlockApps was founded in 2014 and is headquartered in Brooklyn, New York. The company provides a platform that helps enterprises build and deploy blockchain applications. BlockApps is one of the leading enterprise blockchain providers, and its platform is used by some of the world’s largest companies. With this new funding, BlockApps will be able to accelerate its growth and continue to innovate its product offerings. This is good news for the blockchain industry as a whole, as it shows that there is continued interest from traditional investors in this emerging technology. With BlockApps leading the way, we can expect to see more enterprises adopt blockchain technology in the near future.
If you are interested in learning more about blockchain, be sure to check out our other blog posts on the subject. And if you want to stay up-to-date with all the latest news in the blockchain space, be sure to follow us on Telegram, Instagram and Facebook. Thanks for reading!
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