Chronicled, a blockchain startup focused on developing supply chain solutions, has received up to $16 million USD from investors in a Series A funding round.
The company announced this in a statement published on a press release website on Tuesday Jan 15.
According to the statement, the funding round was led by Hong Kong based venture capital Mandra Capital and included investments from Streamlined Ventures, The Perkins Fund, Frank Fiore, and David Aho.
The new funds will be used to expand the MediLedger, a decentralized supply chain platform which the company is developing for the pharmaceutical industry. MediLedger, which is described as “an open and decentralized network for the pharmaceutical supply chain” is currently undergoing pilot testing with group of major companies, including manufacturers, distributors, and solution providers, the statement noted.
“This stimulus of funding will enable expansion of the MediLedger Network with service provider integrations and additional protocols that address channel integrity and chargebacks, contracting, and revenue management.”
It expects to launch the network commercially later this year.
SongYi Zhang, Principal of Mandra Capital commended the approach of Chronicled in its development of blockchain solutions noting that they are “building blockchain application networks for the long-term.”
“While many companies in the space are conducting ICOs — fueling speculation and hurting the legitimacy of the space — Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable (return on investment) value.”
Adopting Blockchain for Supply Chain
Chronicled is one of a growing number of firms leveraging blockchain in supply chain operations. This is due to blockchain’s ability to transcend geographic and political barriers.
As Smartereum reported, global shipping giant Maersk pioneered a global blockchain network for global supply chain dubbed TradeLens. The effort supported by IBM attracted the participation of over 90 organizations to support transparency, information sharing, and innovation in the shipping industry.
Similarly, Alibaba and Canadian blockchain company DMG solutions in separate efforts developed blockchain-enabled supply chain platforms for the food industry and cannabis industry respectively. Chronicled’s MediLedger, however, is focused on the pharmaceutical industry but will support clients not only from pharmaceuticals but also precious metals, agriculture and electronics industries.
The firm also outlined plans to expand which includes setting up a new development office in Vancouver and increase its staff strength by 20 persons. The firm currently has about 50 staff with offices in San Francisco and Vancouver.
Chronicled also raised $1.4 million in seed funding in 2015.