Everledger, a blockchain technology platform to lower risk and fraud for banks, insurers and open marketplaces, has closed a $10.4m Series A.
Canada-based GMP Securities co-ordinated the round with Fidelity Investments, the led backer. Other contributions to the round came from Vickers Ventures Partners and Graphene Venture Capital. The firms will join existing investors FPV, Fenbushi, Bloomberg Beta and Rakuten.
Together, Fidelity and GMP supplied $8.3m to the series, with GMP having an option to buy additional units equal to 6 per cent of the investment at any time over the next two years.
Founded in 2015, Everleder uses machine learning, AI and IoT to track the provenance of high-value assets on the global digital ledger. The blockchain-based platform helps stakeholders across the supply chains with a clear history of an assets authenticity, existence and ownership.
The platform tracks over 2 million diamonds, and has expanded its solution to support coloured gemstones, jewellery, fine wine and art.
Everledger hopes the capital injection will continue the progression of deploying its platform in diamond and coloured gemstone markets. Over the next 12 months, the company will look to launch its services to additional markets and increase its industry collaborations.
Everledger founder and CEO Leanne Kemp said, “We are confident that having the support of such high calibre investors with a solid track record of accelerating growth, will enable further growth and success in our plans for entry to new markets where provenance matters.”
Alongside the equity round, Everledger is appointing Vickers Venture Partners chairman Dinian Tan to its board of directors.
This funding round also comes as the company opens a new office in Mumbai to support further efficiency in provenance tracking.
Copyright © 2018 FinTech Global
