Foxconn Backs Blockchain Identity Startup in $7 Million Series A Round

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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 investigating deployments of applications Developed by Cambridge Blockchain to enhance the management of connected devices and global supply chains. Other participants in the funding rounds include Partech Ventures and Digital Currency Group, each of which also invested in Cambridge Blockchain’s $2 million financing round in February 2017. The financing also marks the most recent move by the Foxconn unit into funding startups from the blockchain space. Explaining its interest in this use case, Jack Lee, founding controlling your stresses partner of HCM Capital, said in a statement : .

Digital identity is a critical building block for achieving value through decentralized information transports” . As mentioned earlier by CoinDesk, HCM Capital especially place $18 million at the $250 million investment enterprise Galaxy Digital, founded by Wall Street veteran Mike Novogratz. Matthew Commons, Cambridge Blockchain’s Chief executive officer, said of the deal: Foxconn’s HCM brings compelling strategic view of blockchain and digital identity. We’re thrilled to have their participation, and also the revived backing of Partech and DCG.” . Miniature via CoinDesk. The leader in blockchain news, CoinDesk is a media outlet that strives for the greatest journalistic standards and complies with a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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