Tech giant IBM and the venture arm of telecoms conglomerate Comcast are backing an investment fund focused on scaling early stage startups that help enterprises use blockchain technology.
MState, a startup accelerator, aims to invest in blockchain startups globally and ultimately connect them with Fortune 500 customers, co-founder Rob Bailey told Bloomberg.
The accelerator is seeking to invest $25,000–$50,000 each in five or six companies in the next six months, he added.
"There's a massive opportunity in Fortune 500 companies. They don't know which companies to work with."
Under the arrangement, Comcast Ventures is offering funding, while IBM will provide services to MState.
Janine Grasso, vice president for blockchain strategy and ecosystem development at IBM, said that the tech company might also help entrepreneurs who "don't make the cut for MState."
MState is also backed by Boldstart Ventures and Galvanize, a press release states.
"In 2018, we will see a growing number of enterprise blockchain use cases go mainstream from healthcare applications to government, supply chain and retail to the real estate and transportation industries," Bailey stated.
IBM image via Shutterstock