Jack Ma-Backed Tech Firm Invests in Blockchain Startup Symbiont

Stan Higgins
May 4, 2017 at 15:51 UTC
Updated May 5, 2017 at 17:33 UTC
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Blockchain startup Symbiont has raised an undisclosed sum from Chinese software firm Hundsun Technologies.

Hundsun, according to data from Thomson Reuters, provides software services to financial institutions such as banks, brokers and exchange operators.

The firm is partly owned by Chinese billionaire Jack Ma, who founded e-commerce giant Alibaba, after Ma spent more than $500m in mid-2014 to buy a controlling stake, per reports at the time Past statements from Hundsun indicate that it has been looking to invest in financial technology startups since as early as January.

When reached, a representative for Symbiont declined to comment on the amount Hundsun invested in Symbiont. In addition to providing the funds, Hundsun will gain a board observer.

The partnership between the two firms will see Hundsun opening up Symbiont’s smart contract software to its Chinese customer base. In particular, the partnership will focus on “[streamlining] business processes in both public and private securities markets”, according to Symbiont.

Guan Xiaolan, Hundsun’s executive president, said in a statement:

“We selected Symbiont because of its superior, mature and highly differentiated DLT stack. Its data layer is protected by market-leading security and privacy solutions, and its smart contracts have a proven ability to automate complex business logic, such as highly tailored employee compensation waterfalls for private companies.”

The investment comes just under two years after Symbiont raised $1.25m in seed funding.

Image Credit: UNclimatechange / Flickr