Foxconn Backs Blockchain Identity Startup in $7 Million Series A Round

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by Coin AIO 1068 views 445

Identity startup Cambridge Blockchain has closed a $7 million Series A round led by HCM Capital, the investing arm of the Taiwanese manufacturing giant Foxconn Technology Group.

According to Tuesday's announcement, Foxconn is "exploring deployments" of software developed by Cambridge Blockchain to improve the management of connected devices and global supply chains.

Other participants in the financing round include Partech Ventures and Digital Currency Group, both of which also invested in Cambridge Blockchain's $2 million funding round in February 2017.

The funding also marks the latest move by the Foxconn unit in financing startups in the blockchain space. Explaining its interest in this use case, Jack Lee, founding managing partner of HCM Capital, said in a statement:

"Digital identity is a critical building block to achieve value through decentralized information transfers."

As reported previously by CoinAIO, HCM Capital notably put $18 million in the $250 million investment venture Galaxy Digital, founded by Wall Street veteran Mike Novogratz.

Matthew Commons, Cambridge Blockchain's CEO, said of the deal:

"Foxconn's HCM brings a compelling strategic view of blockchain and digital identity. We're delighted to have their involvement, as well as the renewed backing of Partech and DCG."

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