Current Affairs Finance

Taiwanese manufacturing giant supports Cambridge Blockchain in a $7million ‘Series A’ funding

Earlier in the week a $7 million ‘Series A’ round that was spearheaded by HCM Capital gets closed by Cambridge Blockchain.

Cambridge Blockchain, an identity start-up finds an investor in the form of Foxconn Technology Group, the Taiwanese manufacturing giant.

As per the announcement made on Tuesday, Foxconn is said to be “exploring deployments” of software that has been designed by Cambridge Blockchain for the purpose of improving the management of connected devices and global supply chains.

Partech Ventures and Digital Currency Group were also amongst the participants of the financing round, notably both these companies have also previously invested in Cambridge Blockchain’s $2 million funding round back in February 2017.

The funding bears evidence to Foxconn unit’s latest move towards the initiative of financing start-ups involved with the blockchain technology.

Jack Lee, the founding managing partner of HCM Capital, gave a brief explanation regarding the use case via his statement which reads:

“For achieving value through decentralized information transfers, Digital identity is a vital building block.”

Earlier reports from several publications show that HCM Capital contributed almost $18 million of the $250 million investment venture Galaxy Digital, that was founded by a Wall Street trouper Mike Novogratz.

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

“Foxconn’s HCM presents a quite fascinating strategic view of blockchain as well as digital identity. We feel extremely delighted with their active involvement, along with the renewed backing of DCG and Partech.”

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Amit Iyer

Amit Iyer being inspired by Raj is also a college dropout. He possesses the skill of quick grasping which has been a great asset to TheFinanceDesk. A true Digital Marketing Prodigy and financial investor. He specializes in SEO and is also working on many freelance projects. At the age of 18, he is the youngest contributor at TheFinanceDesk.

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