Hedera Hashgraph has raised $100 million in a new funding round.
According to CEO and co-founder Mance Harmon, the funding will be used to finish developing a smart contract platform, file storage system and a token.
Going forward, Harmon continued, the plan is to raise a further $20 million through a public initial coin offering (ICO) that will be open only to accredited investors.
Harmon said he could not name most of the investors in the $100 million round, though he noted that Blocktower’s Ari Paul did contribute, and that Hedera employees contributed roughly 10 percent of the total.
All of the funds will go toward improving Hedera’s public ledger, he said, adding:
“We’re taking that tech, the hashgraph, and trying to address the problems we see in the market that prevent mainstream adoption of public ledger technology and there’s really four categories.”
The funding adds to the $18 million raised through a private token sale earlier this year, as CoinDesk reported in March. At the time, the company said that game developer MZ – maker of apps like Mobile Strike – would create distributed apps that would run on the Hedera Hashgraph platform.
Dollars image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.