Taiwan blockchain startup Bitmark has raised $1.7m in a new seed funding round.
Cherubic Ventures, a VC firm focused on early-stage companies, led the round. Bitmark, which is developing technology to register user generated content using blockchain tech, raised the funding from a group of investors that also included Digital Currency Group and WI Harper.
Properties registered on its platform are tied to digital assets called “bitmarks” which can be sold and and exchanged with other users, creating an electronic record of their movements. Bitmark is among a growing body of startups seeking to leverage the technology in order to reinforce property rights in favor of their creators.
Bitmark CEO Sean Moss-Pultz said in a statement:
“The notion of property rights in the digital environment is not yet defined. Bitmark changes that notion by giving each of us property rights to our data. You have to own it to make sure that value is clear.”
The startup is currently seeking a patent for its work, according to an application published on 13th October by the US Patent and Trademark Office. The application was first filed on 6th April.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Bitmark.
Image via Shutterstock