BigchainDB, a blockchain database provider, said on Wednesday it has raised €3 million in a Series A financing round.
With the proceeds, BigchainDB plans to expand its business with the launch of a blockchain technology that “blockchain-ifies” the offerings of popular NoSQL databases so that enterprise customers can more easily adopt blockchain technology into their legacy systems and processes.
“We’re thrilled to have a slate of top-notch investors on-board to help us grow the business,” said Bruce Pon, CEO of BigchainDB. “We’re eager to deliver successful proof of concepts for our clients so that they can bring blockchain technology into production more quickly than they believed possible.”
BigchainDB is a blockchain database provider for developers and enterprises that supports proof-of-concepts for enterprise use cases in financial services, supply chain, energy, internet of things (IoT), and intellectual property. Its blockchain database can handle hundreds of thousands of transactions per second and has a versatile built-in crypto-condition framework.
The crowdfunding was backed by European and US blockchain venture investors Earlybird Venture Capital, Anthemis Group and Digital Currency Group, as well as energy company innogy SE.
“Blockchain technologies have enormous potential to increase transparency in business and give people more power to manage and control their assets,” said Ciaran O’Leary, a boar member of Earlybird Venture Capital, one of the entities that backed BigchainBD’s new project with funds. “BigchainDB is building an essential component for a decentralized storage that everyone will need to enable the multitude of use cases that are being tested.”
Blockchain technology is used by cryptocurrencies for record-keeping of database. It serves as a public ledger for all BitCoin transactions. BitCoin represents a cryptocurrency and an open-source network for peer-to-peer transactions, using no banks or central authority. The network is accessible world-wide and supports international payments. The problem with BitCoin is that users can make transactions without revealing their identity.