Chronicled, a blockchain-powered supply chain platform, has closed its Series A funding round on $16m.
The capital injection was led by Hong Kong-based venture capital firm Mandra Capital, with participation also coming from Streamlined Ventures, The Perkins Fund, Frank Fiore, and David Aho.
Chronicled provides industries and enterprises with tools to establish a blockchain-powered supply chain ecosystem, which is backed with internal trust, automation and privacy measures. The platform helps to automate supply chains, while also streamlining business processes and lowering operational costs.
The service is capable of managing contracts, monitoring and streamlining cross-business interactions or transactions, and is established with anti-counterfeiting and diversion tools to ensure the channel keeps integrity.
Compliance issues can also be tackled with the platform, with audit management enabling users to track various third-party audits to ensure differing requirements are met with each. In addition to this, Chronicled is also fitted with compliance solutions which meet industry or national standards.
Chronicled is currently piloting its MediLedger Network with a selection of companies, spanning manufacturers, distributors, and solution providers. An expected commercial launch of the platform is set for later in 2019.
By receiving this burst of funds, Chronicled is hoping to expand its MediLedger Network with service provider integrations and the release of more protocols. Some of these new releases will address areas such as channel integrity, chargebacks, contracting, and revenue management.
Mandra Capital Principal SongYi Zhang said, “What excites us about Chronicled is that they are building blockchain application networks for the long-term. While many companies in the space are conducting ICOs — fuelling speculation and hurting the legitimacy of the space — Chronicled has stayed disciplined and pursued traditional funding while focusing on developing needed applications with quantifiable ROI value.”
Other growth plans in the company’s schedule is the opening of a development office in Vancouver. There are currently 50 employees of Chronicled, but plans are to add another 20 to its San Francisco and Vancouver offices this year.
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