Factom’s Latest Investment raised

Tim Draper’s Blockchain startup Factom has announced it has raised $8 mln in an extended series A funding round.

The Blockchain data storage outfit, owned by the serial cryptocurrency investor, raised the cash through a multitude of partners. These included Draper Associates, Stewart Title, Overstock, Fenbushi Capital, Plug & Play, Peeli Ventures, and Harvest Equity, Fortune reports. "Factoms Latest Investment raised"

The move is merely the latest is a series of rounds for Factom, which in October 2016 raised $4.2 mln.

“Factom is in the sweet spot (right place right time) where the Blockchain is mature enough and corporate clients are desperate enough to fight against the hackers making their businesses safe and transparent,” Draper commented to Cointelegraph at the time.

While the startup tried and seemingly failed to partner with the government of Honduras on a land title project in 2015, more recent partnerships appear to be faring better.

In February, a joint partnership with iSoftStone working with 80 urban areas in China on the smart cities concept appeared to inject new energy.

Draper also remains bullish on Bitcoin in his investment capacity, telling Cointelegraph in a January interview a $10,000 Bitcoin price tag may only take “another year.”

“Some people are currency traders and some are tech investors. Both should work out in the long run for Bitcoin,” he said.

What will it do with all this money?

With the capital from its investors, Factom has developed and launched a series of Blockchain-based products including Apollo, Iris, and Hera, which utilizes the Blockchain technology to carry out otherwise complex operations and tasks including auditing, data management, personal identification and information authentication.'Factom’s Latest Investment raised'

The security of Factom’s systems and scalability of its network allowed the firm to secure partnerships with leading corporations and establishments, including the US Department of Homeland Security, which provided $199,000 to enhance the security protocols in Blockchain-based IoT (Internet of Things) devices.

Specifically, the Apollo software of Factom designed for governments and major corporations enabled the firm to work with increasing volumes of sensitive data. Currently, Factom oversees nearly 70 million records in its Blockchain network.

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