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Cambridge Blockchain Raises $7 Mln In Investment

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Cambridge Blockchain, Inc, an enterprise data management and digital Identity Startup, said it raised $7 million in Series A equity financing, led by HCM Capital, the venture arm of Foxconn Technology Group, the manufacturer of Apple's iPhone.

In the investment round, HCM was joined by venture capital firms Partech Ventures and Digital Currency Group.

The financing includes new capital and conversion of outstanding debt. Cambridge Blockchain had raised $2 million in February in a funding round backed by Partech and Digital Currency.

In a statement, Foxconn said it is now exploring deployments of Cambridge Blockchain software to improve IoT device management and global supply chain operations.

Jack Lee, Founding Managing Partner of HCM Capital, said, "HCM has invested in blockchain start-ups since early 2016, as we saw the potential of distributed ledger technology with enterprise use cases including Industrial Internet, IoT-enabled manufacturing, supply chain provenance, trade finance, and payments. However, we soon realized that digital identity is a critical building block to achieve value through decentralized information transfers."

Romain Lavault, General Partner at Partech, said Cambridge Blockchain is well-positioned to expand its enterprise data management software as the European General Data Protection Regulation or GDPR takes full effect this month.

Blockchain has been a hot buzzword for a few years now, but very few software companies have actually reached full-scale production rollouts, he noted.

As per reports, HCM Capital invested $18 million in the $250 million investment venture Galaxy Digital, founded by Mike Novogratz.

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