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Foxconn Backs Blockchain Identity Startup in $7 Million Series A Round

Identity startup Cambridge Blockchain has closed a $7 million Series A round led by HCM Capital, the investing arm of the Taiwanese manufacturing giant Foxconn Technology Group.

According to Tuesday’s announcement, Foxconn is “exploring deployments” of software developed by Cambridge Blockchain to improve the management of connected devices and global supply chains.

Other participants in the financing round include Partech Ventures and Digital Currency Group, both of which also invested in Cambridge Blockchain’s $2 million funding round in February 2017.

The funding also marks the latest move by the Foxconn unit in financing startups in the blockchain space. Explaining its interest in this use case, Jack Lee, founding managing partner of HCM Capital, said in a statement:

“Digital identity is a critical building block to achieve value through decentralized information transfers.”

As reported previously by CoinDesk, HCM Capital notably put $18 million in the $250 million investment venture Galaxy Digital, founded by Wall Street veteran Mike Novogratz.

Matthew Commons, Cambridge Blockchain’s CEO, said of the deal:

“Foxconn’s HCM brings a compelling strategic view of blockchain and digital identity. We’re delighted to have their involvement, as well as the renewed backing of Partech and DCG.”

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Cambridge Blockchain, IHS Markit Ink KYC Partnership

A new partnership has been inked between identity startup Cambridge Blockchain and IHS Markit, the U.K.-based data analysis firm.

The deal will see Cambridge Blockchain complement IHS Markit’s existing services around anti-money laundering and know-your-customer, CEO Matt Commons said in a statement published today. The technology developed by the Massachusetts-based’s startup will be bridged with IHS Markit’s KYC.com platform.

The two firms will effectively apply distributed system concepts to the compliance issues tied to know-your-customer information (KYC), which banks must collect in accordance with money-laundering regulation, with the idea that clients have greater control over that data.

“We look forward to continuing our collaborating with IHS Markit to give financial institutions confidence that their KYC, AML, tax, legal, MiFID, EMIR and other regulatory information is complete, accurate and up-to-date,” Commons said.

IHS Markit has played a role in the development of applications of the technology in the past, notably taking part in trials conducted by derivatives clearing giant DTCC, among other tests.

The announcement also comes just under a year after Cambridge Blockchain completed a $2 million funding round, with backing coming from venture capital firms Partech Ventures and Digital Currency Group.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Cambridge Blockchain.

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The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

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Cambridge Blockchain Joins Government-Backed DLT Group in Luxembourg

Digital identity startup Cambridge Blockchain is opening a new office in Paris.

The Massachusetts-based firm is setting up shop at at a startup campus founded by Partech Ventures, which invested in Cambridge Blockchain’s $2 million funding round earlier this year.

That the startup would move to establish a more solid presence in Europe is perhaps unsurprising. Cambridge Blockchain has looked to the financial sector as the primary market for its digital identity solutions, with a particular focus on Europe.

In May, Cambridge Blockchain announced that it was working with LuxTrust, a major digital identity firm backed by the government of Luxembourg, on a new blockchain-powered platform. That relationship with Luxembourg is deepening, as Cambridge Blockchain today said that it was joining the Infrachain initiative, a nonprofit group formed earlier this year by a number of companies with the backing of the country’s government.

Other members include LuxTrust and professional services firms KPMG and Deloitte, among others. With Cambridge Blockchain’s inclusion, that effort has now expanded beyond Luxembourg.

“Thanks to the support of Partech Ventures and Infrachain, we are positioned to tackle the banking industry’s greatest threat: the cost of regulatory compliance,” Matthew Commons, Cambridge Blockchain’s CEO, said in a statement.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Cambridge Blockchain.

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The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].