Founded by former Ethereum CTO Gavin Wood, Ethcore said it raised the funding as part its bid to move forward on a product it hopes to evolve for enterprise use. Blockchain Capital and Fenbushi Capital participated in the round.
Wood said that the funding will help EthCore move forward toward the 1.0 release of its Ethereum client, called Parity, and to help it create new development libraries that could be useful to the growing number of enterprise firms seeking to leverage the platform for private and consortium-based project.
He told CoinDesk:
“We’re glad to have the funding to be able to start looking into how Ethereum can made ready for enterprise.”
The funding comes amid increasing excitement about opportunities in the Ethereum ecosystem from blockchain-focused venture capitalists, a factor that Wood said made the deal appealing for his startup.
“We really wanted to offer a way into for VC firms, the firms that weren’t heavily vested in an Ethereum, to gain more exposure,” he said.
Many of the VC firms that have so far specialized in bitcoin and blockchain-focused startups are evaluating Ethereum companies for potential funding, and the ecosystem has even attracted its own VC firm like Fenbushi, which has raised a $50m venture fund it is seeking to invest in blockchain applications.
The fund, announced last September, was co-founded by Ethereum creator Vitalik Buterin and BitShares co-founder Bo Shen, and has received funding from China-based auto conglomerate Wanxiang Group.
Image via Ethcore.