MIT-Founded Startup Raises $20 Million for Supply Chain Blockchain

NEWS
Wolfie Zhao
Mar 16, 2018 at 11:00 UTC  |  Updated  Mar 18, 2018 at 10:20 UTC

Eximchain, a supply-chain focused blockchain startup founded in 2015, has raised $20 million from a group of investors.

Founded at the Massachusetts Institute of Technology's media lab, the startup raised the funds to continue developing its own public blockchain – powered by private smart contracts – to provide different solutions for recording, transacting and distributing data for supply chain stakeholders.

The funding was led by FBG Capital, a major cryptocurrency hedge fund from China. Other participants included INBlockchain, a blockchain capital firm founded by Li Xiaolai (a Chinese cryptocurrency activist) and Hong Kong-based investment firm Kenetic Capital.

Eximchain said it's now moving toward a token airdrop, which will see around 1.5 million ERC20-based EXC tokens distributed to ID-verified participants.

EXC, according to the company, can be further converted to native tokens on Eximchain's own blockchain upon the launch of its main blockchain.

"After experimenting [with proofs of concept] on ethereum or private blockchains, the enterprise world is looking for technical solutions that can be deployed immediately to solve real supply chain problems", said Hope Liu, co-founder and CEO of Eximchain, in a statement.

The funding round makes the firm the latest to join the increasingly popular trend of issuing airdrops – via which firms distribute tokens for free to interested parties, instead of holding token sales or initial coin offerings.

Freight containers image via Shutterstock

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InvestorsFunding RoundsSupply ChainEximchain