Cambridge Blockchain, a digital identity startup has ended a $7 million Series A round of funding led by Taiwanese manufacturing giant Foxconn’s investment arm.
On Tuesday, it was revealed that the $7 million funding round which also included prior investors Partech and Digital Currency Group, who introduced new capital and changes the startup’s existing debt in exchange for equity. Partech leading partner Romain Lavault notably stated that startup’s enterprise information management software, getting its first customers in the European market that will be under the control of the standards of the upcoming General Data Protection Regulation (GDPR).
The startup stated on its website, “Our platform allows financial institutions to meet the strictest new data privacy rules, eliminate redundant identity compliance checks and improve the customer experience.”
Specifically, the startup established that Foxconn, an electronic giant is present “now exploring deployments” of its blockchain software to improve its global supply chain operations and IoT device management.
Jack Lee, HCM Capital founding managing partner noted Foxconn’s investment:
“[D]igital identity is a critical building block to achieve value through decentralized information transfers.”
Lee explained that since 2016, the funding is the recent investment of the Foxconn arm if funding blockchain, since “we saw the potential of distributed ledger technology with enterprise use cases including Industrial Internet, IoT-enabled manufacturing, supply chain provenance, trade finance, and payments.”
“Foxconn’s HCM brings a compelling strategic view of blockchain and digital identity,” added Cambridge Blockchain CEO Matthew Commons.