Foxconn’s venture capital arm has joined a 7 million USD Series A round in the Cambridge Blockchain, a startup created to helping enterprises make sure they know who their clients are in a bid to comply with government regulatory requirements. This equity investment round consists of both an infusion of fresh capital and the conversion of existing debt is joined by Digital Currency Group and Partech Ventures hence bringing the total amount of funds raised to 9 million USD including a seed round that was realized last year.
What The Funds Will Be Used For
Founded in 2015, the Cambridge, Massachusetts-based startup, says it plans to create and expand its own enterprise data management software geared towards streamlining know-your-customer compliance and protecting identities for Internet-linked devices. Matthew Commons, Cambridge’s Blockchain founder, expects the company to launch in Luxembourg formally later this year with 600,000 end users. He also previously announced strong partnerships with LuxTrust European trusts services provider and IHS Markit the publicly traded startup valued at 20.6 billion USD.
While both Digital Currency Group and Partech Ventures participated in the Cambridge Blockchain seed round, the round revealed that today mark’s Foxconn’s first-ever investment in the firm. Beyond Foxconn’s role in manufacturing Apple’s iPhone, the tech giant (formally called Hon Hai Precision) offers a growing catalog of experience related to the Blockchain initiative.
The Taiwan-based manufacturer, which recently ranked nine on Forbes Global list of top regarded firms, earlier this year merged with a 250 million USD investment from Michael Novogratz’s crypto-bank in hedge funds. Last year the tech giant formally kicked off a Blockchain supply trade finance startup via the Dianrong P2P platform.
Moving forward, the Founder and Managing Partner of Foxconn’s Venture Capital arm, HCM Capital, Jack Lee, told Forbes that his parent company is looking into multiple deployments of Cambridge’s Blockchain identity network for online industry services, and supply chain finance data storage to name a few.