Factom is a globally known Blockchain technology integrated startup, which has established expertise in data management and storage. Recently, the company has raised US$4.2 million in a Series funding, and the team is led by Tim Draper of Draper Associates. Other participants in this funding initiatives are Fenbushi Corporation from China, BnkToTheFuture, Plug and Play, Propertyinfo Corporation, CashBUS, Star Vista Capital, LLC, along with angel investors Kevin Spiers and Darla Spiers, Leon Fu, Hillary Ryan, and some others.
According to Factom spokesman Peter Kirby, Factom’s CEO and co-founder, the new fund will be used aggressively or inducing new growth in the company. The domains, which will be worked on, are technology that drives entire banking system and product suits.
As per Kirby, “Factom was started for building an honest and transparent business world using a appealing simple approach”. He has added that “the main initiative was based on creating software that makes it tough to change the past and point that software at places where it can solve important business problems. With the new fund” as Kirby has said “it will accelerate the much awaited progress down the road”.
Factom is based at Austin, Texas and the core activity of the company is developing data management and storage solutions for business including governments and non-profit organizations who have integrated Blockchain technology so far to ensure the safety and integrity of stored data along with out- -an-out transparency.
Presently, Factom offers three products: these are Factom Apollo, an elucidation for businesses and governments for faster and accurate auditing and amenability; Factom Iris, a platform to assert digital identity for Internet-of-Things devices; and Factom Hera, a remote and permissioned Blockchain solution-built practice for enterprise needs.
In accordance to new funding and its use, Tim Draper has declared that “unlike central data systems, Factom’s use of Blockchain technology to disperse data may help to avoid serious failures due to personal mistake and spiteful hacking”. Tim has exceptionally successful record for investment in upgrading initiatives, which he had done before with Hotmail and Skype, and that is why his opinion in this niche really matters.
Tim has further clarified the situation that “ensuring data security is becoming extremely important and critical for all including governments, car companies, banks, credit card companies, retailers, and all business organizations concerned with hacking”. He has assured that Fatcom has assured protective technology that will help all its customers’ seamless peace of mind concerning their data security.
The funding will be available a few months after. However in the meantime, Factom was granted a US$199,000 award issued by US Department of Homeland Security Science and Technology Directorate to progress the security of digital identity of IT devices.
The project, Blockchain Software was unveiled in last June and the sole aim of the project was to prove integrity of captured data from border devices. As a part of the project, an attempt was ensure to create an identity log to capture the identification of devices, its manufacturer’s details, lists of available updates, known security issues, and granted authorities while integrating the dimension of time for added security.
The project was launched for protecting data and reducing the access of cyber hackers’ ability to corrupt the past record of a device, and making the entire process difficult to implement even.