Foxconn Backs Blockchain Identity Startup in $7 Million Series A Round
Identity startup Cambridge Blockchain closed a $7 million Series A funding led by HCM Capital, the investing arm of Foxconn Technology Group.
Identity startup Cambridge Blockchain has closed a $7 million Series A round led by HCM Capital, the investing arm of the Taiwanese manufacturing giant Foxconn Technology Group.
According to Tuesday's announcement, Foxconn is "exploring deployments" of software developed by Cambridge Blockchain to improve the management of connected devices and global supply chains.
Other participants in the financing round include Partech Ventures and Digital Currency Group, both of which also invested in Cambridge Blockchain's $2 million funding round in February 2017.
The funding also marks the latest move by the Foxconn unit in financing startups in the blockchain space. Explaining its interest in this use case, Jack Lee, founding managing partner of HCM Capital, said in a statement:
As reported previously by CoinDesk, HCM Capital notably put $18 million in the $250 million investment venture Galaxy Digital, founded by Wall Street veteran Mike Novogratz.
Matthew Commons, Cambridge Blockchain’s CEO, said of the deal:
Handshake miniature via CoinDesk
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.