Chainvine, a provider of intelligent databases and ledger technology today announced that it has secured £2.5m ($3.34 million USD) in its Series A funding round led by Deepbridge Capital. Chainvine works with its clients’ management teams to integrate their existing ledger systems into a bespoke blockchain based platform, allowing them to better manage their supply chain and contract data.
Chainvine’s platforms enable clients to evolve their existing systems rather than completely overhaul them by harnessing the potential of blockchain technology without prior technical experience.
Chainvine will utilize the funds to expand its client base and commercialize its ‘Intelligent’ products. As part of the Series A funding round, Kieran O’Gorman, Technical Partner at Deepbridge Capital has been appointed to the Chainvine board to provide high-level strategic advice.
“We’re very excited to be working with Deepbridge. Their significant expertise will prove invaluable as we commercialize and scale our business. We truly believe that Distributed Ledger Technologies have the potential to change the way businesses operate. The technology allows for unparalleled levels of transparency and efficiency that will allow companies to operate truly sustainably.”
Chainvine offers its clients two distinct products. Firstly, it has created ‘Intelligent Commodities’, which when integrated with Internet of Things (IoT) partners, enables companies to track physical commodities and record supply chain data, e.g. production, transit, and temperature records, on the blockchain. This allows for highly intuitive automated data management.
Chainvine has also developed its unique ‘Intelligent Contracts’ product, which enables its clients to better manage contract data, by ensuring it is permanently recorded on the blockchain and giving them access to the technology’s self-executing digital contracts system.
These two products will reduce the cost of trust within a business, thus increasing profit margins and bringing efficiencies that were not possible until now.
Businesses invest significant time and money into outdated database and ledger technologies that are not conducive to long-term sustainability. The most prominent ledger and database systems are simply digital versions of analog systems. These platforms are highly susceptible to human error, are very often incompatible with third-party software and their standardized approach increases the risk of cybercrime significantly.
“At Deepbridge, we invest in impressive teams, which have the skills and technical knowledge to create globally scalable products, and we believe Chainvine and its novel use of Distributed Ledger Technology meets these vital criteria. We look forward to working in partnership with Chainvine during its continued development and commercialization.”