Blockchain project Factom receives $400,000 in new financing, valued at $11 million

Factom Inc., the commercial entity that operates blockchain ledger project Factom, has secured an additional $400,000 in seed funding.

The investment came from Kuala Innovations (registered in Guernsey, UK), which purchased 3.64% of Factom's shares at $1 per share, totaling $400,000. According to a statement released by Kuala, Factom is currently valued at 1100万美元.

In the presentation, Kuala co-chairman Jim Mellon said he believes Factom has the potential to revolutionize the way companies process and store data, thereby solving “real business problems” for enterprise businesses.

Mellon said:

“As sales grow and more applications are integrated into the broad developer network, the Board believes that this seed round, led by Kuala, will be instrumental in Factom’s pursuit of its Series A funding round, which is expected to close in the first half of 2016.”

As early as July this year, Factom sold part of its equity through the crowdfunding service platform BnkToTheFuture and raised $1.1 million in financing. In addition, the company also sold factoids (Factom network tokens) in April this year, and finally received 2,278 BTC (about $540,000).

The investment is Kuala’s second for a bitcoin and blockchain company, following a €160,000 ($183,000) funding round for bitcoin micropayments startup SatoshiPay in December last year.

The deal was reportedly brokered by blockchain investment firm Coinsillium, which counts Factom as one of its portfolio companies.

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Original article: http://www.coindesk.com/blockchain-factom-400-funding-11-million-valuatoin/
By Pete Rizzo
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information