Blockchain technology developer Bluezelle has closed its ICO on $19.5m.
The company raised the capital from the sale of 165 million tokens, which is around 33 per cent of the total token supply. Through the sale, investors could buy the coins with ETH.
Around 55 per cent of the funds from the sale will go towards research and development. The remaining capital will be split between sales and marketing, network costs, operations, accounting, legal costs, and compliance.
Singapore-based Bluezelle is a decentralised database that helps software developers get access to cheaper methods for storing data. The platform uses tokens to hire out storage space on an individual computer.
Bluezelle is helping developers to build apps on the blockchain, using multiple storage nodes to remove single point failures and increasing performance through dynamic node monitoring. The platform also uses algorithms to store data in a way without the need of data centres, removing scalability limits.
The company has provided blockchain technology products for companies including Microsoft, HSBC, KPMG, BT, ZagBank, OCBC and matchmove, among others.
Last year, the company picked up a $1.5m Series A round from Global Brain, LUN Partners, and True Global Ventures, according to a report by e27.
Fellow Singaporean blockchain platform developer Morpheus Labs received an undisclosed investment from an unnamed Chinese investor. The company uses a blockchain enterprise app store, which allows companies to find and test various solutions and integrate them with their own platform.
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