Identity startup Cambridge Blockchain today announced the closing of a $2 million convertible note funding round, with participation from investors Partech Ventures and Digital Currency Group.
“We are honored to have both firms involved,” said Cambridge Blockchain CEO Matthew Commons in an interview with One World Identity. “DCG and Partech have demonstrated real leadership in the blockchain space and a very sound knowledge of what it takes to be successful.”
According to Commons, the funds will be used to accelerate multiple pilot deployments of Cambridge Blockchain’s digital identity enterprise software. The company aims to allow financial institutions to meet strict new data privacy rules and eliminate redundant identity compliance while improving the customer experience. Commercial deployments are planned for late 2017.
“Right now if you have a bank account in one country, it can be an incredible hassle to open a bank account in another; even within the same banking family,” said Commons. “It can still take many months, be very costly, and result in a very poor customer experience, so that’s what we’re focused on solving.”
Cambridge Blockchain previously graduated from the FinTech Innovation Lab, a 12-week incubation program for early and growth stage startups sponsored by Accenture and the Partnership Fund for New York City. The company also won multiple FinTech competition victories in 2016, claiming first prize in both BBVA Open Talent 2016 and the Santander InnoVentures Distributed Ledger Challenge.
Previous fundraising rounds closed by Cambridge Blockchain include $1.7m raised earlier this month, and rounds of $635,000 and $1.09m in March 2016 and October 2016, respectively.