Clear, a blockchain network solution for B2B commerce, has reportedly bagged $13m in its Series A funding round.
The equity financing will be used to grow its team, bolster its operations and cement its place in the telecoms industry, according to a report from Tech in Asia. In addition to this, the company is looking to implement its services within the financial services, media, advertising, energy and healthcare industries.
Venture capital investor Eight Road led the round, with participation also coming from Telefonica Innovation Ventures, HKT and Singtel Innov8. As part of the deal, Eight Roads’ FinTech strategic investments head Alokik Advani will join the Clear board of directors, the article claims.
Clear builds blockchain-based settlement and clearing networks for global industries. Its service helps companies to manage their contracts separately to avoid exposing contract details and commercial data to third-parties.
Through the network, a business can create, edit and amend contracts which cover relevant induration. Each smart contract is backed with commercial data logs analysis, early discrepancy detection and root cause analysis to help prevent most disputes from happening.
Additionally, the blockchain solution can integrate with existing payments technology via APIs, connecting payments to the automatic settlement.
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