Tierion Secures $1 Million in Seed Round Funding, Led by Blockchain Capital and Fenbushi Capital

Blockchain startup Tierion has raised $1 million in seed funding led by Blockchain Capital and Fenbushi Capital, with participation from Digital Currency Group (DCG). Tierion turns blockchain into a global platform for verifying the integrity of data, documents or business processes.

Tierion gives developers APIs and tools to create applications that connect to the blockchain. Blockchain is a global network of computers that maintains a shared database. Once data is written to the blockchain, it becomes a global record that cannot be changed or deleted. The computing power used to protect the security of this data is higher than that of the world's top 1,000 supercomputers combined.

Wayne Vaughan, Tierion CEO and co-founder, said:

“We are very excited about the creative use cases for Tierion. Philips Healthcare, one of the largest healthcare companies in the world, is currently using Tierion technology to record the maintenance and usage history of its industrial medical devices. A legal cannabis dispensary is also using Tierion technology to create an immutable record of their inventory and transactions.”

Wayne Vaughan, CEO and co-founder of Tierion

At the core of Tierion's technology is a scalable engine that cryptographically connects data to the blockchain and generates blockchain receipts. This process, called anchoring, enables millions of records to be linked to a single transaction on the blockchain. Blockchain receipts can be shared with other systems or used to independently verify the integrity and authenticity of any document, data, or business process.

Bart Stephens, managing partner at Blockchain Capital, said:

“Blockchain technology has a lot of potential beyond payment applications. The Tierion platform will make it easy for all businesses to use blockchain technology to verify all documents and business processes. Blockchain is a powerful tool for companies operating in regulated environments such as financial services, healthcare, insurance or government services.”

Vitalik Buterin, founder of Ethereum and partner at Fenbushi Capital, said:

“Developers can easily integrate proof of existence and immutable records into existing applications using the Tierion platform. This is a very attractive way to demonstrate the advantages of anchoring data to the blockchain rather than storing it on the blockchain.”

Tierion and its partners have developed an open specification, called Chainpoint, for anchoring data to the blockchain. Developers can use Tierion to build simple applications for validating documents or more complex applications that can also create an audit trail.

Barry Silbert, CEO of DCG, said:

“We are excited to see the Tierion team leverage the core innovations of blockchain technology to protect data and ensure it cannot be tampered with. Their open protocol will make it easy for blockchain newcomers to create data management tools to track all of an organization’s valuable information assets.”

Companies are using Tierion to create applications in a variety of fields, including healthcare, insurance, financial services, etc. To learn more, developers can visit http://Tierion.com and register for a free account.