CoreChain Technologies, a company that claims to be the first digital B2B payments network built on blockchain, has snared $4.2m in seed financing.
The round was headed by Ulu Ventures and also saw participation from Connecticut Innovations, Bloccelerate VC, New Form Capital, SaaS Venture Capital, Next Coast Ventures, Motivate Venture Capital and Angeles Investors. To date, CoreChain has raised $5.5m in total funding.
CoreChain claims it allows any ERP or business process automation software firm or banks to offer blockchain-based B2B payment and financing solutions to its enterprise clients. The company CoreChain Network also enables simple and secure digital B2B payments between buyers an their suppliers, levering enterprise Blockchain DLT to help businesses operate more efficiently.
CoreChain added that by transitioning firms away from inefficient legacy paper check based solutions to a modern digital payments tech stack, the company is simplifying business procedures and helping them boost profits through automation and enhanced security.
The company said that it supports a broad choice of digital payments solutions and digital assets to ensure it can be leveraged for all partners and customers.
CoreChain founder and CEO Chris Aguas said, ?The Seed funding will allow us to greatly accelerate all areas of the business from product development to sales and marketing and continue to grow our payments volume. Our time is now as the opportunity is great. Supply chains and cash flows have been disrupted and access to working capital can be difficult to source. Streamlining modern payment and lending processes and adapting to the future of finance is more important than ever.p>
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