Factom Inc, the for-profit entity seeking to facilitate commercial business conducted on blockchain recordkeeping project Factom, has raised $400,000 in new seed funding.
In statements, Kuala co-chairman Jim Mellon stated that he believes Factom has the potential to "revolutionize" how companies process and store data, thereby solving "real commercial issues" facing enterprise businesses.
The release finds Factom using language that positions its 2015 crowdsale as one that resulted in the sale of $1.2m in software licenses distributed in the form of native tokens (Factoids) on the Factom blockchain. Factom launched its crowdsale in April, ultimately selling 2,278 BTC (roughly $540,000 at the time) in Factoid tokens to users.
Project representatives have stated that further token sales were made in sales to private investors, for a total of 1,500 purchases. Factom Inc, which operates separately from the Factom Foundation which oversees development, raised $1.1m in an equity crowdsale in July.
The investment is the second made by Kuala in the bitcoin and blockchain sector, following a December decision to provide bitcoin micropayments startup SatoshiPay with €160,000 ($183,000) in funding.
Blockchain investment firm Coinsillium, which counts Factom Inc among its portfolio companies, reported it facilitated the deal.
Image via Factom
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