Blockchain project Factom raises $400,000 in funding

     Factom, a for-profit entity exploring the use of blockchain record-keeping to facilitate business operations, has raised $400,000 in new seed funding.

     The investment was provided by Kuala Innovations, which purchased 400,000 shares at $1 per share, representing 3.64% of the company’s shares. According to a statement released by Kuala, the pre-investment valuation of Factom was $11 million.

     Kuala co-chairman Jim Mellon said he believes Factom has the potential to be “revolutionary” in changing how companies process and store data, thereby solving “real business problems” facing enterprises.

Mellon said:

     “With sales growing, a large portion of the developer network integrating additional applications, and large database wins expected over the next 12 months, the Board believes Kuala’s seed investment is well timed to precede a significant shift in Factom’s value, allowing it to complete its expected Series A funding round in the first half of 2016.”