Factom pulls in additional funding to take Series A passed $8m

Blockchain-as-a-service company Factom has extended its Series A round to more than $8m.

Peeli Ventures, Harvest Equity and a number of local Austin investors joined the extended round.

Serial investor Tim Draper as well as Stewart Title, Overstock, Fenbushi Capital and Plug & Play previously invested more than $5m into the company.

The Austin-based business targets enterprises and governments with a blockchain-based data layer for compliances, identity, transparency assets and securities.

It claims that its protocol for data protections, identity and storage is already used for 68m records.

The additional funding follows the launch of its mortgage product, Factom Harmony.

Factom CEO and co-founder peter Kirby said: “The Factom Harmony launch was such a resounding success that we extended the Series A round for additional investors.

“We’re very appreciative of our early investors who doubled-down on their participation and the new investors who are helping us strategically extend our reach.”

Peeli Ventures managing partner Harry Qin commented: “Factom’s Harmony product creates a transformative approach for the compliance in the U.S. mortgage industry.

“It has great potential to impact the mortgage industry with increased transparency and immutable audit records.”

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