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Electronic giant Foxconn leads the $ 7 million Series A in Blockchain Identity Startup

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Starting the Cambridge Blockchain Digital Identity Closes the $ 7 Million Financing Round of the Series Under the leadership of the Taiwanese giant Foxconn.

Announced Tuesday, the $ 7 million financing round also included previous investors, Partech and Digital Currency Group, who injected new capital and converted the outstanding debt into equity in exchange for equity. Partech's general partner, Romain Lavault, has specifically highlighted the start-up's enterprise data management software by finding its first customers in the European market, which will be subject to the standards of the next general regulation on technology. Data Protection (GDPR).

"Our platform allows financial institutions to comply with the new data privacy rules the most stringent, eliminate redundant identity compliance checks and improve the customer experience, "says the startup on its website.

Notably, the startup has confirmed that Foxconn, one of the world's largest smartphone manufacturers, "is now exploring deployments" of its blockchain software to enhance its global supply chain operations and management. IoT devices.

Jack Lee, founding managing partner of HCM Capital, said about Foxconn's investment:

"[D] Digital identity is an essential element for realizing value through decentralized information transfers."

Financing is Foxconn's latest investment in blockchain startup financing since 2016 where "we have seen the potential of distributed register technology with industrial use cases including Internet Industrial, IoT manufacturing , sourced from the supply chain, payments, "explained Lee.

The Foxconn unit is notably invested in the $ 250 million financing of Galaxy Digital, a cryptographic bank founded by the former Wall Street hedge fund, the cryptocurrency mogul Mike Novogratz.

"Foxconn's HCM brings a compelling strategic vision of blockchain and digital identity," said Matthew Commons, CEO of Cambridge Blockchain.

Foxconn rival Samsung is also turning to blockchain technology to manage and track its massive global supply chain after estimating that a blockchain platform could cut shipping costs by 20 for cent while improving the overall efficiency. The Korean company has also started manufacturing application-specific integrated circuit (ASIC) chips used to produce minor bitcoins.

Image from Shutterstock.

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